Williamsburg Hotel owner eyes exclusive solicitation period extension

By Sarah Lizee

Olympia, Wash., Feb. 22 – 96 Wythe Acquisition LLC, the owner of the Williamsburg Hotel in Brooklyn, N.Y., is seeking another extension of its exclusive period to solicit votes on a Chapter 11 plan to April 18 from Feb. 22, according to a motion filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.

The company said in its motion that while it has made progress in its Chapter 11 case, its secured lender, Benefit Street Operating Partnership, LP, has continued to maintain “an aggressive stance” against the debtor’s reorganization efforts.

Benefit Street and the debtor were scheduled to mediate their issues in January and February, but the mediator requested an extension of the mediation schedule. To facilitate the extension, the court continued the plan confirmation hearing to April 7.

“Although the debtor still remains optimistic that the mediation can resolve many of the outstanding disputes with BSP before confirmation, given the rescheduled date for confirmation of the plan, the debtor seeks to extend the exclusivity period to maintain the status quo consistent with the rescheduled hearing on confirmation of the plan,” the company said in its motion.

A hearing on the exclusivity extension is scheduled for March 8.

The Brooklyn, N.Y.-based hotel owner filed bankruptcy on Feb. 23, 2021 under Chapter 11 case number 21-22108.

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