Lake Las Vegas granted two-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., Nov. 13 - Lake at Las Vegas Joint Venture LLC was granted an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a source familiar with the case.

The company's exclusive plan-filing period was extended to Jan. 13 from Nov. 14 and the solicitation period to March 16 from Jan. 13.

The approval came Thursday from the U.S. Bankruptcy Court for the District of Nevada.

In the motion requesting the approval, the company said during the first few months after filing for Chapter 11 bankruptcy protection it had concentrated on meeting obligations imposed by its U.S. Trustee and obtaining court approval of its debtor-in-possession financing facilities.

Lake at Las Vegas is now negotiating with its creditor committees, secured lenders and other constituencies regarding the terms of a Chapter 11 plan, the company said in the Oct. 17 motion.

Lake at Las Vegas Joint Venture, LLC, a 3,592-acre master-planned residential and resort community, filed for bankruptcy on July 17. Its Chapter 11 case number is 08-17814.

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