WC Braker’s Chapter 11 plan confirmation hearing set for March 9

By Sarah Lizee

Olympia, Wash., Feb. 1 – The hearing on confirmation of WC Braker Portfolio, LLC and WC Braker Portfolio B, LLC’s Chapter 11 plan of liquidation is scheduled for March 9, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Western District of Texas.

The debtors are borrowing entities of World Class Property Co.

As previously reported, the Chapter 11 trustees for the debtors received approval of the disclosure statement for the plan on Monday.

Objections to the plan are due by 6 p.m. ET on March 3.

The plan provides payment of creditors with proceeds from the sale of the Braker Portfolio properties and available cash held by each estate, followed by the wind up of each debtor and closing of each case.

Bids are being solicited for the properties, and an auction is slated for Feb. 14. A sale hearing is scheduled for Feb. 23.

Lender ATX Braker SR, LLC is the stalking horse bidder for the properties, offering a $75.46 million credit bid of the mortgage loan.

Under the plan, administrative and priority tax claims will be paid in full.

The $67.71 million of Braker Portfolio other priority claims, $3.63 million of Braker Portfolio other secured claims, $75.46 million of mortgage loan claims, $808,035.66 Braker Portfolio general unsecured claims, Braker Portfolio interests, Braker Portfolio B other priority claims and Braker Portfolio B other secured claims are unimpaired.

The $33.89 million mezzanine loan claim is impaired. This class will receive cash from remaining net cash proceeds after all allowed senior classes and the wind down reserves are satisfied in full.

Braker Portfolio B general unsecured claims and Braker Portfolio B equity interests are also impaired, and holders will receive a pro rata share of the remaining net cash proceeds after senior classes and the wind down reserves are satisfied in full.

World Class Property Co. is a real estate investment company based in Austin, Tex. WC Braker filed bankruptcy on May 2, 2022 under Chapter 11 case number 22-10293.

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