Lake at Las Vegas seeks two-week exclusivity extension

By Caroline Salls

Pittsburgh, March 17 - Lake at Las Vegas Joint Venture, LLC requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the District of Nevada.

The company wants to extend its exclusive plan-filing period to March 31 from March 17 and the solicitation period to May 29 from May 15.

Although it is optimistic that a plan agreeable to its creditors committee and lenders is possible, the joint venture said further discussions and negotiations are necessary.

In addition, the company said it is still trying to arrange exit financing and is negotiating with its existing lenders regarding possible alternatives.

A hearing is scheduled for April 10.

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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