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Published on 3/31/2021 in the Prospect News Distressed Debt Daily.

Tillary Hotel owner seeks 120-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., March 31 – 85 Flatbush RHO Mezz LLC, the owner of the Tillary Hotel in Brooklyn, N.Y., is seeking a 120-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, the company asked the court to extend the plan filing period through Aug. 17 and the solicitation period through Oct. 14.

“The debtors have made good-faith progress, first focusing on stabilizing operations when entering Chapter 11 and now turning its focus to the search for new capital or refinancing proceeds as conditions on the pandemic's impact are becoming somewhat favorable for the first time in over a year,” the company said.

Continued exclusivity will permit the debtors to maintain flexibility, so competing plans do not derail the restructuring process, the company said.

The owner of the boutique hotel in Brooklyn, N.Y., filed bankruptcy on Dec. 18 under Chapter 11 case number 20-23280.


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