225 Bowery seeks fourth extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Mrach 20 – 225 Bowery LLC is seeking a fourth extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The company asked the court to extend the exclusive plan filing period by four months through July 24 and the exclusive solicitation period by four months through Sept. 24.

The debtor filed a plan and disclosure statement in December, as previously reported.

The company said that since entry of the third extension order, it has made significant progress with its key stakeholders, including through settlement agreements.

The last key stakeholder that the debtor hasn’t reached an agreement with yet is 225 Bowery Lender LLC, the company said.

“The debtor has yet again agreed to delay the hearing to consider approval of the disclosure statement to continue negotiations with the secured lender to determine whether a consensual resolution between the parties is possible,” the company said in the motion.

A hearing on the exclusivity extension is scheduled for May 6.

The disclosure statement hearing is currently scheduled for April 9.

The New York-based hotel property owner filed Chapter 11 bankruptcy on Jan. 24, 2023 under case number 23-10094.

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