PWM Property Management asks for 120-day exclusivity extension

By Sarah Lizee

Olympia, Wash., Feb. 28 – PWM Property Management LLC is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Sunday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company asked the court to extend the plan filing period through June 28 from Feb. 28 and the solicitation period through Aug. 27 from April 29.

The company said that, after a two-month delay caused by former property manager SL Green Management Corp.’s litigation tactics, the debtors are now able to install a new conflict-free property manager, Newmark Management, for 245 Park Avenue and engage an investment banker that can assist the debtors in exploring potential restructuring alternatives.

“Now that a process to explore potential restructuring alternatives is underway, the debtors require additional time to properly test the market and explore potential value-maximizing exit strategies,” the company said in its motion.

A hearing is scheduled for March 24.

New York-based PWM is a property management company. It filed Chapter 11 bankruptcy on Oct. 31 under case number 21-11445.

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