Post Oak TX and lender file Chapter 11 plan and disclosure statement

By Sarah Lizee

Olympia, Wash., Aug. 11 – Post Oak TX, LLC, which owns the Hilton Houston Post Oak hotel, and its primary lender, Rialto, filed a Chapter 11 plan of liquidation and related disclosure statement on Wednesday with the U.S. Bankruptcy Court for the Southern District of Florida.

Rialto asserts an approximate $100 million claim secured by substantially all the debtor’s assets, as previously reported.

The debtor and Rialto recently entered into a settlement agreement that provides for the filing of the joint plan of liquidation that will transfer substantially all of the debtor’s assets to Rialto, and pay allowed unsecured claims, including insider claims, in full.

According to the disclosure statement, administrative claims and allowed priority claims will also be paid in full.

Equity interests will be retained.

Rialto said it requires a closing on the transactions contemplated in the settlement agreement on or before the end of the third quarter of this year.

A confirmation hearing has been scheduled for Aug. 30.

The West Palm Beach, Fla.-based hotel owner filed bankruptcy on Aug. 31, 2021 under Chapter 11 case number 21-18563.

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