540 West 21st Street gets 90-day extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., March 11 – 540 West 21st Street Holdings LLC secured a 90-day extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The court extended the exclusive plan filing period through May 26 and the exclusive solicitation period through July 25.

As a reminder, the company has filed a plan already. The combined hearing on final approval of the disclosure statement and confirmation of the plan is scheduled for March 13.

The plan contemplates the sale of substantially all of the debtor’s assets and provides that the effective date will occur on or shortly after the closing of the sale. After that, the debtor will be dissolved.

The company said its progress to date and the nature of the activities contemplated for the next couple of months provide cause to extend the exclusive periods.

The New York-based real estate holding company filed Chapter 11 bankruptcy on Aug. 2, 2023 under case number 23-11053.

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