Urban Commons’ disclosure statement draws objection from creditor

By Sarah Lizee

Olympia, Wash., April 14 – Urban Commons 2 West LLC’s disclosure statement for its Chapter 11 plan of liquidation drew an objection from secured creditor VIK XS Services, Inc., according to documents filed Thursday with the U.S. Bankruptcy Court for the Southern District of New York.

VIK said the disclosure statement describes a plan that is not confirmable, based on its failure to classify and specify treatment for VIK’s secured claim.

As currently proposed, the plan designates only two classes of claims: one secured class, comprised only of the BPC Lender, LLC’s secured claim, and one unsecured class.

A hearing on approval of the disclosure statement is scheduled for April 20.

Urban Commons is a Corona Del Mar, Calif.-based company that modernizes underperforming hotels. The company filed Chapter 11 bankruptcy on Nov. 15 under case number 22-11509.

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