Le Centre on Fourth files plan of reorganization based on asset sale

By Caroline Salls

Pittsburgh, July 26 – Le Centre on Fourth, LLC filed a plan of reorganization and related disclosure statement Wednesday with the U.S. Bankruptcy Court for the Southern District of Florida.

The company said the plan calls for a sale of substantially all of its assets, principally comprised of real property in Louisville, Ky.

Under the proposed plan, administrative claims, priority tax claims, U.S. Bank secured claims and other priority claims will be paid in full in cash.

Stonehenge Community Development LXVIII, LLC claims, Stonehenge Community Development LX, LLC claims, Stonehenge Community Development LV, LLC claims and Le Centre on Fourth Master Tenant, LLC claims will be reinstated.

Holders of general unsecured claims and subordinated claims will receive cash remaining after payment of other specified claims.

Holders of Stonehenge performance guaranty claims will receive no distribution.

The holders of equity interests will retain those interests.

Plantation, Fla.-based Le Centre on Fourth is the holding company for the Embassy Suites hotel in Louisville, Ky. The company filed for bankruptcy on Nov. 10, 2017 under Chapter 11 case number 17-23632.

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