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BSPV-Plano will have hearing for second motion to extend exclusivity
Chicago, Aug. 19 – BSPV-Plano, LLC has submitted a second motion to extend the exclusive period to file a Chapter 11 plan, according to an order filed with the U.S. Bankruptcy Court for the Eastern District of Texas.
A hearing will be held on Aug. 23 to consider the motion.
The company is asking to extend initial exclusivity to Oct. 31 and extended exclusivity if a plan is filed during the period of initial exclusivity through Dec. 31.
The company had previously received an exclusivity extension that ends on Aug. 26.
At the time of the initial extension, the company was seeking 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.
To prepare for the requested extension, the company has been working with the bond trustee.
As part of the negotiations, BSPV has agreed with Huntington to amend its prepetition claim to include an additional $856,258.25 of unpaid prepetition interest not currently in the bond trustee’s claim.
Huntington has already agreed to extend the use of cash collateral through Oct. 31, to be presented to the court in a separate motion.
Additionally, if the extension is not approved Huntington has agreed to not submit a competing plan until Sept. 9.
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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