Edgemere Dallas will share exclusive plan periods starting Oct. 27

By Sarah Lizee

Olympia, Wash., Oct. 14 – Northwest Senior Housing Corp., which does business as Edgemere Dallas, received a shorter-than-requested extension of its exclusive plan filing period through Oct. 26, according to an order filed with the U.S. Bankruptcy Court for the Northern District of Texas.

The company had asked the court to extend the exclusive plan filing period through Feb. 8.

On and after Oct. 27, the debtors, bond trustee and debtor-in-possession lender UMB Bank, NA, and Lifespace Communities, Inc. will each have the right to file a plan. No other party will have the right to file a plan unless the court grants a motion authorizing them to do so. The official committee of unsecured creditors may join any of these parties as a plan proponent.

As previously reported, the debtor filed a plan on Aug. 3. A hearing on the disclosure statement has been continued indefinitely.

The company said in court documents that certain developments and delays relating to its adversary proceeding against landlord Intercity Investment Properties, Inc. have caused the committee and the bond trustee to object to the exclusivity motion.

In their objections, UMB and the committee argued that the debtors haven’t made enough progress, their financial condition doesn’t support the extension, and creditors would benefit from competing plans.

Edgemere responded by saying that it has negotiated a plan that represents the best possible outcome, and any other option would reduce recovery to stakeholders.

The company also said it has funding through Dec. 31 and is working to obtain more.

“If competing plans are proposed, the estates would be drained of significant, additional time and resources,” the debtor said.

“Any competing plan would also likely include a lower return for creditors and residents.

“Finally, there have been no meaningful competing options provided.”

The Dallas-based luxury senior living community filed Chapter 11 bankruptcy on April 14, 2022 under case number 22-30659.

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