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Edgemere exclusive solicitation period should be limited, landlord says
By Sarah Lizee
Olympia, Wash., Sept. 2 – Northwest Senior Housing Corp., which does business as Edgemere Dallas, should have its exclusive period to solicit votes on a Chapter 11 plan limited, landlord Intercity Investment Properties, Inc. said in an objection filed with the U.S. Bankruptcy Court for the Northern District of Texas.
As previously reported, the debtor has requested a 180-day extension of its exclusive period to solicit votes on a Chapter 11 plan through Feb. 8.
Edgemere has been in a continued dispute with its landlord. Simultaneously with the bankruptcy filing, Edgemere filed a lawsuit against Intercity Investments and its agent, Kong Capital.
The landlord recently filed a motion seeking dismissal of the Chapter 11 case.
“The debtors have proposed an unconfirmable plan and, at the rate that they are hemorrhaging cash, they may be administratively insolvent before the exclusivity period expires,” the landlord said in its objection.
Intercity Investment said a hearing on confirmation is unlikely to be scheduled prior to the end of the exclusivity period, given the prerequisites for the hearing, including final judgement on and resolution of the lawsuit, are not capable of satisfaction by Feb. 8.
The landlord also claims the debtors haven’t been paying their debts as they come due.
“Even without paying all of its expenses, the debtors are operating at a negative net operating margin,” the landlord said.
A hearing on the company’s disclosure statement is slated for Sept. 29.
The Dallas-based luxury senior living community filed Chapter 11 bankruptcy on April 14 under case number 22-30659.
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