Reuters: Bankruptcy News: ResCap asks court for more time to file bankruptcy plan

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ResCap asks court for more time to file bankruptcy plan Aug 24th 2012, 12:52 Fri Aug 24, 2012 8:52am EDT Aug 24 (Reuters) - Residential Capital LLC, the bankrupt mortgage lending unit of Ally Financial Inc, has asked a court for more time to file its bankruptcy plan as any plan proposed by it will be based on the outcome of the examiner's investigation. The court in June had appointed an independent examiner after Warren Buffett's Berkshire Hathaway Inc , a ResCap creditor, sought an examiner to review what it called "potentially improper" pre-bankruptcy transactions between ResCap and Ally. In its motion filed on Thursday, ResCap sought to extend the time to file a Chapter 11 plan by nine months. Currently, the period expires on Sept. 11. Once part of General Motors Co, Ally put ResCap into Chapter 11 on May 14 as a means to address the unit's mortgage-related liabilities. Ally is roughly 74 percent owned by taxpayers, and did not file for court protection. The case is In re: Residential Capital LLC, U.S. Bankruptcy Court, Southern District of New York, No. 12-12020.

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