Lake at Las Vegas requires more time to complete plan negotiations

By Caroline Salls

Pittsburgh, April 22 - Lake at Las Vegas Joint Venture, LLC has requested a fourth extension to its exclusive periods to file a plan of reorganization and solicit votes on that plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Nevada.

The company wants to extend its exclusive plan-filing period to May 29 from April 21 and the solicitation period to July 27 from June 19.

According to the motion, Lake Las Vegas is still in negotiations regarding the draft plan it circulated to its lenders and official committee of unsecured creditors in December.

"The debtors simply require an additional few weeks to take these negotiations across the finish line and to put together a consensual, confirmable plan of reorganization," the company said in the motion.

The company said the proposed extension has the support of the lenders and the committee.

A hearing is scheduled for June 8.

Lake at Las Vegas Joint Venture, LLC, a 3,592-acre master-planned residential and resort community, filed for bankruptcy on July 17, 2008. Its Chapter 11 case number is 08-17814.

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