Silicon Hills Campus eyes 90-day plan solicitation period extension

By Sarah Lizee

Olympia, Wash., Oct. 16 – Silicon Hills Campus LLC requested another extension of its exclusive period for soliciting votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Western District of Texas.

Specifically, the company is asking the court to extend the solicitation period by 90 days through Jan. 19 from Oct. 21.

As previously reported, Silicon Hills filed a plan of reorganization in April.

According to the motion, in light of shelter-in-place orders remaining in effect in Austin, Tex., that are expected to remain in place through Dec. 15, the company’s ability to conduct leasing tours has been impacted.

In addition, given the work that needed to be done to improve the appearance of its property and the unexpected interruption caused by the Covid-19 pandemic, Silicon Hills said its efforts to select a broker to assist with the sale of the property has been hindered.

“The debtor anticipates that real estate markets will begin to return to normal activity levels throughout the fall of 2020,” the motion said.

“Because of unforeseen and uncontrollable circumstances outside of the debtor’s control resulting from the Covid-19 pandemic, it is necessary for the debtor to seek an extension of exclusivity that allows for this recovery time in the market.”

Silicon Hills is an Austin, Tex.-based real estate manager and developer. The company filed bankruptcy on Jan. 7, 2020 under Chapter 11 case number 20-10042.

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