First Mariner Bancorp Extension Sought


First Mariner Bancorp filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 8, 2014 and November 7, 2014, respectively. The motion explains, “During the initial few months of this Chapter 11 Case, the Debtor channeled its efforts and resources to effectuate the primary goal of its bankruptcy: to sell the Debtor’s wholly owned subsidiary bank and, through this transaction, maximize value for its creditors and recapitalize the bank. These endeavors have recently culminated in this Court approving a sale transaction pursuant to which the bank will be sold for nearly $19 million and recapitalized in an amount of up to $115 million. Since the Court approval, the Debtor and the purchaser have been working to obtain final regulatory approval and to close the sale transaction. Because the first stage of this Chapter 11 Case has been consumed by the sale process, the Debtor is requesting a 90-day extension of the applicable exclusivity periods to formulate and propose a Chapter 11 plan.”

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