Post Oak, lender agree to extend exclusivity to finalize settlement

By Sarah Lizee

Olympia, Wash., May 11 – Post Oak TX, LLC, which owns the Hilton Houston Post Oak hotel, and its primary lender, Rialto, have agreed to extend the debtor’s exclusive plan filing and solicitation periods, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Florida.

“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 parties said in the motion.

Rialto asserts an approximate $100 million claim secured by substantially all the debtor’s assets.

Post Oak and Rialto asked the court to extend the plan filing period through June 6 and the solicitation period through Aug. 5.

The parties asked the court to approve the extension by May 16.

The company and lender also agreed to extend the deadline to file a plan and disclosure statement, and the deadline for the debtor to challenge Rialto’s lien, to June 6.

The West Palm Beach, Fla.-based hotel owner filed bankruptcy on Aug. 31, 2021 under Chapter 11 case number 21-18563.

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