Petra funds' Chapter 11 plan accepted by majority of voting creditors

By Caroline Salls

Pittsburgh, Jan. 30 - Petra Fund REIT Corp. and Petra Offshore Fund LP's plan of reorganization was accepted by a majority of voting creditors, according to a Jan. 27 filing with the U.S. Bankruptcy Court for the Southern District of New York.

The one holder of $14.6 million in JPMorgan secured claims and the one holder of $10 million in RBS secured claims voted to accept the plan.

In addition, two holders of $10.04 million in general unsecured claims voted to accept the plan, while one holder of $65.92 million of these claims voted to reject it. The plan was accepted by holders of 13.2% in amount of general unsecured claims.

According to the ballot report, holders of subordinated claims and interests were deemed to have rejected the plan.

The plan confirmation hearing is scheduled for Feb. 3.

Petra Fund REIT is a New York-based real estate investment trust. The companies filed for bankruptcy on Oct. 20, 2010. The Chapter 11 case number is 10-15500.

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