GVS eyes exclusivity extension after resolution of management issues

By Sarah Lizee

Olympia, Wash., Nov. 16 – GVS Texas Holdings I, LLC is seeking an 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 Texas.

Specifically, the company asked the court to extend the plan filing period and the solicitation period through Feb. 12.

The company said that as of Nov. 5, the debtors have resolved any control and management issues, have reached agreement on a process with their lenders and have obtained the court’s approval of a marketing process and bid procedures order.

Following a governance order, Robert D. Albergotti was appointed sole director of the debtors, and Natin Paul immediately resigned as an officer and director of each of the debtor entities, and now has no role whatever with respect to management or operation of the debtors except a duty to cooperate with Albergotti.

“The debtors, now under the direction of Mr. Albergotti pursuant to the governance order, are proceeding with their Chapter 11 cases in an orderly and expeditious fashion,” the company said in its motion.

GVS Texas is an indirect subsidiary of GVS Portfolio I B, LLC, which does business as Great Value Storage, an Austin, Tex.-based storage chain. GVS Texas Holdings I filed bankruptcy on June 17 under Chapter 11 case number 21-31121.

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