The bankrupt parent of Puerto Rico’s failed Doral Bank wants three more months to control its chapter 11 case without the threat of rival proposals as it looks to sell off more assets, the Wall Street Journal reported today. Doral Financial Corp. said that while it has “achieved a number of important tasks” in its chapter 11 case so far, including selling its insurance unit, it needs until Oct. 7 to file a viable reorganization plan and until Jan. 5, 2016, to solicit votes on that plan. Without the approval of Bankruptcy Judge Shelley C. Chapman, those periods would expire after July 9 and Sept. 7, respectively. A hearing on the matter is set for July 23, meaning Judge Chapman will likely enter a temporary extension in the meantime.
