225 Bowery seeks extension of exclusive periods, has draft for RSA

By Sarah Lizee

Olympia, Wash., May 31 – 225 Bowery LLC is seeking an extension of its exclusive periods to file and solicit votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, the company asked the court to extend the exclusive plan filing period through Aug. 22 and the exclusive solicitation period through Oct. 23.

The company said it has prepared a draft restructuring support agreement that will serve as the foundation for a Chapter 11 plan of reorganization.

The debtor plans to negotiate with its key creditors regarding the terms of the RSA soon.

The company said it was also recently advised that Bank Hapoalim BM (BHI) sold its mortgage loan secured by, among other things, the debtor’s hotel to 225 Bowery Lender LLC.

The debtor has also been advised that the new lender is in the process of engaging counsel and that discussions regarding the RSA and a potential restructuring should begin shortly.

A hearing is scheduled for June 7.

The New York-based hotel property owner filed Chapter 11 bankruptcy on Jan. 24 under case number 23-10094.

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