Bankrupt subprime lender People’s Choice Home Loan Inc. is looking to file a plan of liquidation by the end of March, the Irvine-based company said in court filings this week.
In a filing Tuesday with U.S. Bankruptcy Court in Santa Ana, the company said it needed another two months to finalize a liquidation plan, and asked the court to extend its exclusive rights to do so.
People’s Choice also wants the court to extend until the end of May the time it has to solicit creditor support for a plan.
If approved by the bankruptcy court, it would be the third extension People’s Choice has received to file a plan of liquidation. A hearing on the matter isn’t expected until early March.
People’s Choice filed for Chapter 11 protection in March 2007, one of the larger local subprime lenders to file for bankruptcy. Subsequent asset sales approved by the court have brought in about $45 million for creditors.
