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.”
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.