Marbury Plaza asks court for extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., Dec. 20 – MP PPH LLC is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Columbia.

The company asked the court to extend the exclusive plan filing period through March 28 and the exclusive solicitation period through May 27.

“This is a complex Chapter 11 case involving an operating apartment building with thousands of tenants,” the company said in the motion.

“The cornerstone of the debtor’s reorganization plan is contingent upon the successful sale of the property.”

The debtor said that despite its marketing efforts, the property has not yet been sold.

In addition, the company’s litigation with the District of Columbia has affected the sales process. But a significant portion of that litigation has recently been resolved, the debtor noted.

As a result, the debtor said it has shown progress in negotiating with its creditors, demonstrated reasonable prospects for proposing a viable plan, and has undertaken efforts to move the case forward.

The Melville, N.Y.-based single asset real estate company filed Chapter 11 bankruptcy on Aug. 31 under case number 23-00246.

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