Le Centre on Fourth asks court to extend plan voting period to Nov. 26

By Caroline Salls

Pittsburgh, Aug. 20 – Le Centre on Fourth, LLC asked for an extension to its exclusive period for soliciting votes on its Chapter 11 plan, according to a motion filed Friday with the U.S. Bankruptcy Court for the Southern District of Florida.

As previously reported, Le Centre on Fourth filed a plan of reorganization and related disclosure statement in July that is based on a sale of the company’s property.

The company said it enjoys the benefit of about $12 million in federal historic tax credits and $7 million of new market tax credits, which are subject to recapture.

Since avoiding a recapture “is a paramount interest of the debtor and its stakeholders,” Le Centre on Fourth said the plan proposes the property sale, which is expected to close in November.

As a result, the company said it is asking the court to extend the exclusive plan solicitation period through Nov. 26 from Sept. 25.

A hearing is scheduled for Sept. 5.

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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