Post Oak eyes exclusivity extension; talks with Rialto continue

By Sarah Lizee

Olympia, Wash., Feb. 11 – Post Oak TX, LLC, which owns the Hilton Houston Post Oak hotel, asked for another extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Florida.

Specifically, the company asked the court to extend the plan filing period through March 30 from Feb. 23 and the solicitation period through May 27 from April 24.

On Feb. 8, Post Oak and its primary secured lender, Rialto, participated in a third judicial settlement conference with judge Peter D. Russin in an effort to resolve their issues and put the debtor in a position to file a consensual plan.

Post Oak said Thursday that the parties have still not settled, but an impasse has not been reached, so the settlement conference has been continued again, this time to March 14.

“The purpose of the extension of exclusivity is to avoid the commencement of significant litigation between the debtor and Rialto as they try to reach a settlement,” the company said in its motion.

“Rialto consents to the extension, and thus, the extension is not being sought to pressure Rialto.”

A hearing is scheduled for Feb. 16.

The West Palm Beach, Fla.-based hotel owner filed bankruptcy on Aug. 31 under Chapter 11 case number 21-18563.

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