All Year asks court to extend exclusive plan periods by 120 days

By Sarah Lizee

Olympia, Wash., April 7 – All Year Holdings Ltd. is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company asked the court to extend the plan filing period through Aug. 11 from April 13 and the solicitation period through Oct. 11 from June 13.

The company said it is currently negotiating a plan with the consent of its significant creditors, including its bondholders.

Additional coordination with the parent debtor’s counsel in Israel and the British Virgin Islands is required to finalize a plan so that it comports with the requirements in the bankruptcy code, as well as the laws of these international jurisdictions, the company added.

All Year is a reporting company in Israel and, to comply with Israeli securities law, it will need to start a recognition proceeding in Israel to obtain court approval to convene a bondholder meeting and solicit votes on a plan.

The company said the process for securing approval in Israel to start the bondholder solicitation is tied to the approval of a disclosure statement and solicitation materials in the Chapter 11 case, and those steps must run sequentially – meaning the company will have to seek approval of the disclosure statement in the U.S. court before seeking recognition from the Israel court.

All Year said that while it anticipates starting the recognition proceeding in Israel soon, the sequential nature of the approval process will likely affect the timeline for soliciting a plan.

All Year focuses on the development, construction, acquisition, leasing and management of residential and commercial income producing properties in Brooklyn, N.Y. It filed Chapter 11 bankruptcy on Dec. 14 under case number 21-12051.

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