Residential Capital LLC won more time to file an exclusive plan to reorganize while the bankrupt mortgage company remains in mediation with creditors, who say talks have stalled, Bloomberg News reported yesterday. Bankruptcy Judge Martin Glenn yesterday extended the company's exclusive right to file a reorganization plan to April 30. The order came after ResCap settled a dispute with noteholders by dropping a provision that would have given the unsecured creditors' committee a "veto role" over any plan the company may file by that date. Judge Glenn approved ResCap's request to hire a new chief restructuring officer, Lewis Kruger, and said that he deserves time to try to put together a plan. The company requested 60 days during which no creditor is allowed to propose one.
