Lake at Las Vegas looks to extend DIP loan maturity to April 30

By Caroline Salls

Pittsburgh, Dec. 28 - Lake at Las Vegas Joint Venture LLC requested court approval to extend the maturity date on its debtor-in-possession financing to April 30 from Dec. 31, according to a Dec. 24 filing with the U.S. Bankruptcy Court for the District of Nevada.

In addition, new milestones will be created.

Specifically, the deadline to file an amended plan of reorganization and accompanying disclosure statement would be Jan. 8 under the DIP facility amendment, the deadline for approval of the disclosure statement would be Feb. 26, the deadline for plan confirmation would be April 16, and the effective date deadline would be April 30.

The company said it is working to finalize its amended plan and disclosure statement, which it expects to file before the Jan. 8 deadline.

Lake at Las Vegas said the DIP loan amendment motion is based on an agreement on the terms of an amended plan and the DIP lenders' commitment to provide exit financing.

The company has requested a Jan. 5 hearing on the DIP loan amendments.

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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