BSPV-Plano, bond trustee agree to extend exclusivity through Aug. 26

By Sarah Lizee

Olympia, Wash., July 22 – BSPV-Plano, LLC received an extension of its exclusive period to file a Chapter 11 plan through Aug. 26, according to an agreed order filed Thursday with the U.S. Bankruptcy Court for the Eastern District of Texas.

As previously reported, the company initially asked the court to extend the plan filing period through Sept. 27. However, bond trustee Huntington National Bank said the period should only be extended through Aug. 26, which is the last day of an agreed-upon budget and the last day the debtor is authorized to use Huntington’s cash collateral.

According to Thursday’s order, if the company files a plan by Aug. 26, the period may be extended again through Oct. 25.

The debtor and bond trustee had agreed to these terms prior to the court’s entry into Thursday’s order.

The Plano, Tex.-based company was formed in May 2018 to acquire, own, develop and operate an independent senior luxury apartment community known as the Bridgemoor at Plano. It filed Chapter 11 bankruptcy on March 1 under case number 22-40276.

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