FX Real Estate unit extends plan document finalization date to Feb. 12

By Caroline Salls

Pittsburgh, Feb. 9 - FX Real Estate and Entertainment Inc.'s remaining Las Vegas subsidiary and the other parties to its lock-up and plan support agreement have extended their deadline for agreeing on the definitive forms of the key transaction documents required to implement the subsidiary's pre-packaged plan of reorganization to Feb. 12 from Feb. 3, according to an 8-K filed with the Securities and Exchange Commission.

As previously reported, the Las Vegas subsidiary entered into a new lock-up and plan support agreement on Dec. 23 with its first-lien lenders, some of its second-lien lenders and the first-lien and second-lien agents under its $475 million of mortgage loans.

LIRA LLC, a corporate affiliate of directors, executive officers and/or more than 10% stockholders Robert F.X. Sillerman, Paul C. Kanavos and Brett Torino, is also a party to the lock-up and plan support agreement.

Under the new lock-up agreement, the Las Vegas subsidiary will be liquidated for the benefit of its creditors via a pre-arranged sale of its Las Vegas property.

The sale will be completed under a pre-packaged Chapter 11 bankruptcy case to be filed by the Las Vegas subsidiary, which is currently in default under the $475 million of mortgage loans that are secured by its property.

FX Real Estate and Entertainment is based in New York and is focused on the development of real estate and entertainment-based projects and attractions.

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