Petra Fund REIT, Petra Offshore Fund seek final decree closing cases

By Jim Witters

Wilmington, Del., June 8 - Petra Fund REIT Corp. and Petra Offshore Fund, LP have requested a final decree closing their Chapter 11 cases, according to documents filed June 8 with the U.S. Bankruptcy Court for the Southern District of New York.

The company also announced that its plan of reorganization is effective, as of June 1,

As previously reported, the companies' plan of reorganization was confirmed was confirmed by the court on March 2.

A hearing on the motion is scheduled for 2 p.m. ET on June 27.

Post-confirmation sales

As part of the confirmed plan, the debtors were authorized to auction the settlement payments.

On March 14, the debtors closed on the sale to a third-party bidder for $950,000, $50,000 more than the stalking horse bid.

In addition, the debtors sold the equity interests of the real estate investment trust.

On May 31, a sale closed with the stalking horse bidder for $250,000.

Petra Fund REIT is a New York-based real estate investment trust. The companies filed for bankruptcy on Oct. 20, 2010. The Chapter 11 case number is 10-15500.

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