Seaboard Realty eyes one-month exclusivity extension to negotiate plan

By Caroline Salls

Pittsburgh, Feb. 6 – Seaboard Realty, LLC requested a fourth extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

Seaboard is asking the court to extend the exclusive filing period to March 8 from Feb. 6 and the solicitation period to May 8 from April 7.

The company said it has made substantial progress toward proposing a Chapter 11 plan and expects to file a plan in about two weeks.

According to the motion, Seaboard reached a resolution with UCF I Trust 1, one of the largest stakeholders in its cases, regarding the economics and general mechanics of a plan.

Seaboard said it is requesting a short extension in order to continue their negotiations with other large stakeholders “and finalize a plan with as much consensus as possible.”

A hearing is scheduled for March 21.

Seaboard Hotel is a subsidiary of Seaboard Realty, which owns office, hotel and residential properties throughout Stamford, Conn. The company filed for bankruptcy Dec. 14, 2015 under Chapter 11 case number 15-12507.

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