M Waikiki given extension of exclusivity to file reorganization plan

By Lisa Kerner

Charlotte, N.C., Jan. 4 - M Waikiki LLC was granted a nine-month extension to its exclusive period for filing a plan of reorganization, according to documents filed Friday with the U.S. Bankruptcy Court for the District of Hawaii.

M Waikiki's exclusive period was extended to Sept. 30, 2012 from Dec. 29.

The court also extended the time to solicit plan acceptances through Nov. 30, 2012.

As previously reported, the debtor wanted additional time to formulate a reorganization plan because disputes with former property manager Marriott Hotel Services Inc. consumed valuable time and resources, forcing M Waikiki and its new management company to essentially restart the operation of the hotel.

M Waikiki, a San Diego-based hotel investment company, filed for bankruptcy on Aug. 31. The Chapter 11 case number is 11-02371.

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