Broadbridge LA withdraws Chapter 11 plan, consents to case dismissal

By Sarah Lizee

Olympia, Wash., Dec. 5 – Broadbridge LA LLC has withdrawn its Chapter 11 plan of liquidation and is seeking to dismiss its bankruptcy case, according to a notice filed Monday with the U.S. Bankruptcy Court for the Eastern District of New York.

The company terminated the contract of sale for its 1 million square-foot commercial space in Los Angeles with proposed buyer Capri Investor LLC, which never posted a deposit.

As previously reported, the plan was centered on the relatively prompt sale of the property at 801 South Broadway, its only asset, to Capri for $325 million.

When Broadbridge filed bankruptcy, the company was trying to prevent an immediate foreclosure and forfeiture of an investment of about $100 million in the property.

Secured creditor Museum Building Holdings, LLC had filed a motion seeking dismissal of the case, saying it was a bad-faith filing.

In light of termination of the contract, the debtor decided to withdraw its plan and consent to the dismissal.

Great Neck, N.Y.-based Broadbridge LA filed bankruptcy on Aug. 9 under Chapter 11 case number 22-72048.

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