BSPV-Plano eyes exclusivity extension to continue negotiations

By Sarah Lizee

Olympia, Wash., Nov. 30 – BSPV-Plano, LLC filed a fourth motion to extend its exclusive periods to file a Chapter 11 plan and solicit acceptances, according to documents filed with the U.S. Bankruptcy Court for the Eastern District of Texas.

The company asked the court to extend the plan filing period through Dec. 31 and the solicitation period through Jan. 28.

Since the start of the case, the company has been focused on completing construction of the independent senior luxury apartment community known as the Bridgemoor at Plano, in Texas.

The debtor has missed multiple agreed construction milestones and completion of the project has slipped by months, BSPV said.

To assist with construction issues, the debtor recently retained Spire Consulting Group, LLC as its construction consultant.

As of Tuesday, all of the project’s cottages are completed and most have temporary certificates of occupancy, while the project’s apartment tower is scheduled for completion in early 2023.

In August, BSPV opened negotiations with the bond trustee Huntington National Bank regarding the terms of a potentially consensual Chapter 11 plan of reorganization.

The negotiations are ongoing, the company said.

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, 2022 under case number 22-40276.

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