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Triad Guaranty Extension Sought

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Triad Guaranty filed with the U.S. Bankruptcy Court a third motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including December 3, 2014, and February 3, 2015, respectively. The motion explains, “The Debtor, is hopeful that the brief extensions requested herein – the final extensions available to the Debtor under Bankruptcy Code section 1121(d)(2) – will afford it an opportunity to develop a plan process following adjudication of the Adversary Proceeding, without the risk of the substantial additional costs and disruption that could follow an expiration of either of the Exclusive Periods at this critical point. Granting the relief requested will advance the estate’s interest in working towards a successful resolution of this case….If the Exclusive Periods were to expire at this point, the risk is that the careful balancing fostered by exclusivity would vanish, potentially undercutting the Debtor’s ability to lead an organized and cost-effective plan process….In this case, such an exercise would almost certainly compromise recoveries to the Debtor’s creditors and stakeholders, and may significantly delay (if not altogether frustrate) the Debtor’s ability to confirm any plan in this bankruptcy case….It is in the best interests of the Debtor, its estate, and all creditors and stakeholders to obtain an extension of the Exclusive Periods to ensure that the Debtor is afforded a reasonable and sufficient time to resolve the litigation regarding its rights with respect to the tax attributes and solicit, confirm, and consummate a plan without the costly and counter-productive prospect of a competing plan.” The Court scheduled an October 23, 2014 hearing to consider the motion and interested parties must file objections by October 10, 2014.