Post Oak gets exclusivity extension as talks with Rialto continue

By Sarah Lizee

Olympia, Wash., Dec. 29 – Post Oak TX, LLC, which owns the Hilton Houston Post Oak hotel, secured an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Florida.

Specifically, the court extended the plan filing period through Jan. 31 from Dec. 29 and the solicitation period through March 31 from Feb. 28.

The company said that on Dec. 14, Post Oak and its primary secured lender, Rialto, participated in a judicial settlement conference with judge Peter D. Russin in an effort to resolve their issues and put the debtor in a position to file a consensual plan.

Though the parties didn’t settle, an impasse wasn’t reached, so the settlement conference was continued to Jan. 18.

“The purpose of the extension of exclusivity is to avoid the commencement of significant litigation between the debtor and Rialto as they try to reach a settlement,” the company said in its motion.

“Rialto consents to the extension, and thus, the extension is not being sought to pressure Rialto.”

The West Palm Beach, Fla.-based hotel owner filed bankruptcy on Aug. 31 under Chapter 11 case number 21-18563.

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