MV Realty files Chapter 11 reorganization plan, disclosure statement

By Sarah Lizee

Olympia, Wash., April 3 – MV Realty PBC, LLC filed a Chapter 11 plan of reorganization and related disclosure statement Tuesday with the U.S. Bankruptcy Court for the Southern District of Florida.

Under the plan, Monroe Capital Management Advisors, LLC, the holder of a $44.8 million secured claim, will receive a full recovery. Until paid in full, Monroe will get 100% of net proceeds of any actions (excluding avoidance actions) and, following the funding of a cash reserve, a percentage of net cash flow from operations attributed solely to the Monroe portfolio.

Goodwood MV Realty LP will also receive full recovery on behalf of its secured claim. Until paid in full, Goodwood will receive 100% of net proceeds of any actions (excluding avoidance actions) after Monroe is paid in full, and, after the creation of the cash reserve, a percentage of net cash flow from operations.

Holders of general unsecured claims will receive their pro rata share of unsecured claims distributions.

Equity interests will be retained.

As a reminder, region 21 U.S. trustee Mary Ida Townson has moved to dismiss the case, saying the debtors aren’t seeking to rehabilitate and are incurring meaningful losses as they continue forward with litigation.

The Boca Raton, Fla.-based real estate company filed bankruptcy on Sept. 22, 2023 under Chapter 11 case number 23-17590.

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