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››PWM’s real estate creditor asks the court to compel the filing of the plan

PWM’s real estate creditor asks the court to compel the filing of the plan

By Allison Nichols
February 2, 2022
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By Vince Sullivan (February 1, 2022, 9:03 PM EST) – A secured creditor of office tower owner PWM Property Management LLC on Monday evening petitioned a Delaware bankruptcy judge to require the debtor to file its chapter plan 11 within 30 days or begin making monthly interest payments until a plan is consummated.

In its petition, Meritz Alternative Investment Management said it had $225 million of outstanding debtor-issued mezzanine debt and as such was entitled to secured status, as PWM’s bankruptcy cases are single-asset real estate cases.

Although Meritz has no liens on the actual real estate of the debtors – namely, 245 Park…

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