7677 East Berry Avenue Associates files plan of reorganization

By Caroline Salls

Pittsburgh, July 16 - 7677 East Berry Avenue Associates, LP filed its plan of reorganization and related disclosure statement Friday with the U.S. Bankruptcy Court for the District of Colorado.

Under the plan, pre-bankruptcy facility claimants will receive membership interests in a new company.

7677 East Berry's assets will also be transferred to the new company.

Treatment of creditors will include:

• Holders of priority claims, secured tax claims, HOA claims, warranty claims, pre-bankruptcy mechanics' lien claims and other secured claims will be paid in full in cash;

• Holders of pre-bankruptcy facility claims will receive a share of membership interests in a new company;

• Holders of general unsecured claims will receive a share of any net proceeds of a general unsecured creditor litigation trust;

• Holders of subordinated claims, mezzanine claims and equity interests will receive no distribution; and

• FirstTier Bank claims will be assumed and paid by the new company.

The disclosure statement hearing is scheduled for Aug. 12.

7677 East Berry, Everest Holdings, LLC and EDC Denver I, LLC are the owners of the Landmark Residential Condominium tower in Denver. The companies filed for bankruptcy on Aug. 28, 2009. The Chapter 11 case number is 09-28000.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.