Lake at Las Vegas looks to extend DIP loan maturity to July 15

By Caroline Salls

Pittsburgh, April 7 - Lake at Las Vegas Joint Venture, LLC requested court approval to extend the maturity of its debtor-in-possession financing to July 15 from April 30, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Nevada.

Also under the DIP loan amendment, the company must obtain a plan of reorganization confirmation order by June 25, and the plan must take effect by the earlier of July 15 or 30 days after entry of the confirmation order.

According to the motion, the plan confirmation hearing is currently scheduled for June 21.

The company said the amendment will provide a window to obtain confirmation of the plan.

Lake at Las Vegas has requested an April 21 hearing on the amendment.

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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