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Wade Park Land seeks third exclusivity extension amid litigation
By Sarah Lizee
Olympia, Wash., Aug. 23 – Wade Park Land Holdings, LLC is seeking a third extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the Northern District of Georgia.
Specifically, the company asked the court to extend the plan filing period through Dec. 21 from Aug. 23 and the solicitation period through Feb. 17, 2022 from Oct. 20.
When the company filed its first exclusivity extension motion, it said that it was attending to litigation matters. Wade Park had said the pendency of its cases and the related litigation would position the debtors to address creditors better than any other option.
“There has been progress in the civil action since the first and second exclusivity motions, but not enough progress for the debtors to be in a position to propose a plan without significant contingencies,” the company said in its motion.
“There is no doubt that this is an unusual Chapter 11 case, with the civil action being the centerpiece of the reorganization effort and how the reorganization can and will proceed.
“Thus, the debtors need an additional period of exclusivity, with another 120 days not being so long as to prejudice any party, including the defendants, but also not being so short as to require the debtors to burden the docket and this court with additional requests in the interim.”
A hearing is scheduled for Oct. 28.
Newnan, Ga.-based Wade Park develops and operates property sites. The company filed bankruptcy on Aug. 26 under Chapter 11 case number 20-11192.
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