Lake Las Vegas granted two-month exclusivity extension to resolve issues with lenders

By Jennifer Lanning Drey

Portland, Ore., Jan. 16 - Lake at Las Vegas Joint Venture LLC was granted a two-month extension Thursday to its exclusive periods to file a plan of reorganization and solicit votes on the plan from the U.S. Bankruptcy Court for the District of Nevada, according to an attorney.

The exclusive plan-filing period was extended to March 17 from Jan. 13 and the solicitation period to May 15 from March 16.

According to the motion requesting the extension, the joint venture and its official committee of unsecured creditors need more time to negotiate remaining economic issues with the company's debtor-in-possession facility lenders and some of its pre-bankruptcy secured lenders.

Lake at Las Vegas Joint Venture, LLC, a 3,592-acre master-planned residential and resort community, filed for bankruptcy on July 17, 2008. Its Chapter 11 case number is 08-17814.

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