Bishop’s Lodge’s pre-packaged Chapter 11 plan confirmed by court

By Sarah Lizee

Olympia, Wash., Oct. 21 – BL Santa Fe, LLC, which owns the Bishop’s Lodge resort in Santa Fe, N.M., received confirmation of its pre-packaged Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

The debtor has two primary senior creditors, DB Bishops Lodge LLC and mezzanine lender Juniper Bishops, LLC. The company entered into a restructuring support agreement with the lenders to implement the pre-packaged Chapter 11 plan of reorganization.

The plan restructures the obligations owed to DB Bishops and resolves the obligations owed to Juniper Bishops.

In short, the plan provides for 100% of the membership interests in BL Santa Fe to go to Juniper BL HoldCo, LLC, a wholly owned subsidiary of Juniper Bishops. In return, the mezzanine loan will be satisfied in full, Juniper BL HoldCo will finance the completion of the resort and renovations and its operations, the mezzanine borrower, BL Santa Fe (Mezz), LLC, will receive the economic entitlement to receive from Juniper BL HoldCo some back-end distributions from resort operations and/or disposition, and the senior loan will be restructured.

Under the plan, administrative expense claims, professional fees, mezzanine lender debtor-in-possession claims, senior lender DIP claims, senior lender expenses and tax claims will be paid in full.

All general unsecured claims will be paid in full or reinstated.

The Santa Fe, N.M.-based hotel owner filed Chapter 11 bankruptcy on Aug. 30 under case number 21-11190.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.