Grubb & Ellis seeks 120-day extension to file plan, solicit votes

By Jim Witters

Wilmington, Del., May 29 - Grubb & Ellis Co. wants extend by 120 days its exclusive periods for filing a Chapter 11 plan and soliciting plan acceptances, according to documents filed May 29 with the U.S. Bankruptcy Court for the Southern District of New York.

The debtors say they need the extra time because they were "immersed at the outset" of the cases in stabilizing the businesses and seeking the expedited approval of a $30 million sale of the company's assets to BGC Partners, Inc.

The sale closed April 13.

"Such an extension is necessary to provide the debtors with the time needed to complete the transition of the business to BGC," the motion states.

If the motion is approved, it would extend the exclusive period for filing a Chapter 11 plan to Sept. 30 from June 24. The exclusive period for soliciting votes on the plan would be extended to Nov. 30 from Aug. 24.

A hearing on the motion is scheduled for 2 p.m. ET on June 13.

Grubb & Ellis is a Santa Ana, Calif.-based real estate services and investment firm. The company filed for bankruptcy on Feb. 20 under Chapter 11 case number 12-10685.

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