PJ Finance eyes 133-day extension of exclusivity periods due in part to loan servicer issues

By Lisa Kerner

Charlotte, N.C., July 1 - PJ Finance Co., LLC asked the court to extend its exclusive periods for filing and soliciting votes on a plan of reorganization by 133 days, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive period for filing a plan to Nov. 15 from July 5 and extend its exclusive period for soliciting votes to Jan. 16, 2012 from Sept. 5, the filing said.

A hearing is set for July 20.

PJ Finance said it needs more time to file a plan in part because it has been "embroiled" in matters involving special servicer Torchlight Loan Services, LLC's objections to everything from the debtor's proposed use of cash collateral to the bankruptcy case itself.

The company also cited the size and complexity of its cases in its motion requesting the extension. PJ Finance's portfolio includes 32 properties housing thousands of tenants. Its case involves many creditors with hundreds of millions of dollars in potential liabilities, the filing said.

Chicago-based PJ Finance owns a portfolio of apartment communities in Arizona, Florida, Georgia, Tennessee and Texas. The company filed for bankruptcy on March 7. The Chapter 11 case number is 11-10688.

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