Post Oak, lender agree to extend exclusivity to finalize settlement

By Sarah Lizee

Olympia, Wash., July 13 – Post Oak TX, LLC, which owns the Hilton Houston Post Oak hotel, and its primary lender, Rialto, have again agreed to extend the debtor’s exclusive plan filing and solicitation periods, according to court documents filed with the U.S. Bankruptcy Court for the Southern District of Florida.

The debtor and lender agreed to extend the plan filing period through Aug. 15 from July 15 and the solicitation period through Oct. 14 from Sept. 13.

The extension is subject to court approval.

Post Oak said it believes it has reached a settlement agreement with the lender, subject to finalizing some documentation, that will resolve their issues and put the company in a position to file a consensual plan.

“The purpose of the extension of exclusivity is to avoid the commencement of litigation while the parties obtain execution of, and subsequently seek court approval of, the settlement agreement,” the parties said.

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

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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