National Realty receives extension of exclusive plan periods

By Sarah Lizee

Olympia, Wash., May 4 – National Realty Investment Advisors, LLC received an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of New Jersey.

The court extended the exclusive plan filing period through Aug. 1 from May 3 and the exclusive solicitation period through Oct. 1 from July 3.

“This is the debtors’ third – and hopefully last – request for an extension of the exclusive periods,” the debtor said in its motion seeking the extension.

At the time of filing the motion, the debtors and the official committee of unsecured creditors jointly filed a Chapter 11 plan of liquidation and disclosure statement.

Subject to the court’s approval, solicitation of the disclosure statement is not expected until mid-May and a hearing to consider confirmation of the plan is not likely to occur until July.

“Given this potential confirmation schedule, the debtors require an extension of their exclusive periods to ensure that the debtors and the committee have an opportunity to obtain court approval of the disclosure statement and seek confirmation of the plan without the disruption that would be caused by the filing of competing Chapter 11 plans,” the company said.

The Secaucus, N.J.-based real estate investment, management and development firm filed bankruptcy on June 7, 2022 under Chapter 11 case number 22-14539.

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