Post Oak receives exclusivity extension as settlement talks continue

By Sarah Lizee

Olympia, Wash., May 12 – Post Oak TX, LLC, which owns the Hilton Houston Post Oak hotel, received an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the Southern District of Florida.

As previously reported, the debtor and its primary lender, Rialto, agreed to extend the exclusive periods to avoid litigation between the parties as they try to reach a settlement.

Rialto asserts an approximate $100 million claim secured by substantially all the debtor’s assets.

According to Thursday’s order, the plan filing period was extended through June 6 and the solicitation period through Aug. 5.

The court also extended the deadline to file a plan and disclosure statement, and the deadline for the debtor to challenge Rialto’s lien, to June 6.

The West Palm Beach, Fla.-based hotel owner filed bankruptcy on Aug. 31, 2021 under Chapter 11 case number 21-18563.

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