Mortgage firm given March 20 deadline for bankruptcy plan

BusinessRockford.com

Attorneys for Commercial Mortgage & Finance have less than two weeks to form a plan for the bankrupt company’s liquidation.

Gregory Jordan, a Chicago attorney representing the company, notified the court Monday of a March 20 deadline, which will detail how the company will liquidate its assets. If the plan isn’t filed, then any creditor can file a plan, which the judge may consider.

Jordan and the five-member creditors committee — charged with representing the interests of all 1,400 creditors in the case — have been negotiating the terms of the company’s likely dissolution.

Commercial Mortgage filed for Chapter 11 bankruptcy protection Oct. 8 after a rash of investors tried to cash out their investments.

Commercial Mortgage & Finance Co. does not own CMF Insurance Agency of Rockford.