WC Braker Chapter 11 plan of liquidation effective as of March 24

By Sarah Lizee

Olympia, Wash., March 28 – WC Braker Portfolio, LLC and WC Braker Portfolio B, LLC’s plan of liquidation proposed by two Chapter 11 trustees went into effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the Western District of Texas.

The debtors are borrowing entities of World Class Property Co.

The plan was confirmed on March 10, as previously reported.

The plan provides payment of creditors with proceeds from the sale of the Braker Portfolio properties and available cash held by each estate, followed by the wind up of each debtor and closing of each case.

Last month, the court approved a sale of the properties to winning bidder Braker Metric Business Parks, LLC. The purchase price is $102.25 million.

Under the plan, administrative and priority tax claims will be paid in full.

The $67.71 million of Braker Portfolio other priority claims, $3.63 million of Braker Portfolio other secured claims, $75.46 million of mortgage loan claims, $808,035.66 Braker Portfolio general unsecured claims, Braker Portfolio interests, Braker Portfolio B other priority claims and Braker Portfolio B other secured claims are unimpaired.

The $33.89 million mezzanine loan claim is impaired. This class will receive cash from remaining net cash proceeds after all allowed senior classes and the wind down reserves are satisfied in full.

Braker Portfolio B general unsecured claims and Braker Portfolio B equity interests are also impaired, and holders will receive a pro rata share of the remaining net cash proceeds after senior classes and the wind down reserves are satisfied in full.

World Class Property Co. is a real estate investment company based in Austin, Tex. WC Braker filed bankruptcy on May 2, 2022 under Chapter 11 case number 22-10293.

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