Wade Park Land seeks further exclusivity extension amid litigation

By Sarah Lizee

Olympia, Wash., April 23 – Wade Park Land Holdings, LLC is seeking a second extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Northern District of Georgia.

Specifically, the company asked the court to extend the plan filing period through Aug. 23 from April 23 and the solicitation period through Oct. 20 from June 22.

When the company filed its first exclusivity extension motion, it said that it was attending to litigation matters. Wade Park had said the pendency of its cases and the related litigation would position the debtors to address creditors better than any other option.

“There has been progress in the civil action since the first exclusivity motion, but not enough progress for the debtors to be in a position to propose a plan without significant contingencies,” the company said in its motion.

“There is no doubt that this is an unusual Chapter 11 case, with the civil action being the centerpiece of the reorganization effort and how the reorganization can and will proceed.

“Thus, the debtors need an additional period of exclusivity, with another 120 days not being so long as to prejudice any party, including the defendants, but also not being so short as to require the debtors to burden the docket and this court with additional requests in the interim.”

Newnan, Ga.-based Wade Park develops and operates property sites. The company filed bankruptcy on Aug. 26 under Chapter 11 case number 20-11192.

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