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George Washington Bridge Bus bankruptcy case converted to Chapter 7
By Sarah Lizee
Olympia, Wash., Oct. 4 – George Washington Bridge Bus Station Development Venture, LLC’s Chapter 11 bankruptcy case was converted to Chapter 7, according to an order filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.
As previously reported, the debtor had filed bankruptcy with the intention of conducting a four-month marketing and sale process for substantially all of its assets and quickly confirming a plan.
The company said that litigation with its largest general unsecured creditor and, subsequently, the Covid-19 pandemic derailed the debtor’s initial sale efforts and depressed interest in the debtor’s assets.
Four rounds of marketing and nearly two years later, on Aug. 25, the court entered an order approving the sale of substantially all of its assets to JMB Capital Partners Lending, LLC, and on Aug. 31, the debtor and JMB closed on the sale.
Among other things, JMB forgave the debtor’s outstanding DIP debt, provided enough cash proceeds to satisfy the administrative expense and priority claims in the Chapter 11 case, and provided adequate assurance of future performance for the debtor’s landlord.
The company said that although it was hopeful it would be able to confirm a plan of liquidation, and had filed a confirmable plan in March and solicited votes when a prior transaction was still in play, ultimately, the debtor was unable to procure any bids for its assets that provided sufficient consideration to fund a confirmable plan.
“Accordingly, the debtor has determined, after consultation with its advisors, that it is in the best interests of its estate and creditors to convert its Chapter 11 case to a case under Chapter 7,” the company said.
George Washington Bridge Bus Station Development Venture is a Reston, Va.-based development company. The company filed bankruptcy on Oct. 7, 2019 under Chapter 11 case number 19-13196.
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