GVS Texas mezzanine lender asks for production of financial documents

By Sarah Lizee

Olympia, Wash., Aug. 9 – GVS Texas Holdings I, LLC lender RREF III Storage LLC asked the U.S. Bankruptcy Court for the Northern District of Texas to order the company to produce financial documents, according to a motion filed Monday.

RREF is the holder of a second mezzanine secured loan owed by debtor GVS Portfolio I B, LLC. As such, the lender said it is entitled to certain financial information from the debtors, including operating and capital budgets and quarterly and annual financial reports.

RREF said it is also entitled to access to all books and records of the debtors upon reasonable notice. 9. Since the petition date, RREF said it has sought financial information from the debtors on an informal basis with the understanding that the debtors would be cooperative and willing to coordinate with parties-in-interest.

“Those requests have proved to be fruitless to date,” RREF said.

“After following up with the debtors a number of times over the past two months, RREF is still left with little to no information, visibility or clarity with respect to the debtors’ financial condition.”

A hearing is scheduled for Sept. 1.

GVS Texas is an indirect subsidiary of GVS Portfolio I B, LLC, which does business as Great Value Storage, an Austin, Tex.-based storage chain. GVS Texas Holdings I filed bankruptcy on June 17 under Chapter 11 case number 21-31121.

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