Lake at Las Vegas looks to extend DIP loan maturity to Dec. 31

By Jennifer Lanning Drey

Portland, Ore., Aug. 21 - Lake at Las Vegas Joint Venture, LLC requested court approval to extend the maturity of its debtor-in-possession financing facility to Dec. 31, 2009 from Aug. 7, according to a Friday filing with the U.S. Bankruptcy Court for the District of Nevada.

If granted the approval to amend the facility, the company said new milestones would be established related to the filing of a plan of reorganization, entry of an order approving the disclosure statement and the effective date of the plan.

Lake Las Vegas said it expects to file a consensual plan of reorganization on or around Aug. 31.

If the DIP loan maturity and milestone dates are not modified, the company said it would be in default under the facility with no forbearance agreement in place.

A hearing is scheduled for Aug. 31.

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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