NYC Office Tower Ch. 11 Shines Light On Blocking Provisions

By Jeff Marwil and Ashley Weringa (June 28, 2022, 5:55 PM EDT) -- This article analyzes PWM Property Management LLC's bankruptcy filing in the U.S. Bankruptcy Court for the District of Delaware to explain the impact of the use of corporate governance blocking provisions.

The filing also highlights the significance of a creditor-filed proposed plan of reorganization, and a corresponding cooperation agreement, on a debtor's exclusive right to file a Chapter 11 plan as provided under Bankruptcy Code Sections 1121(b) and 1125.

Background

PWM Property Management owns a commercial office tower located at 245 Park Ave. in New York City. On Oct. 31, 2021, PWM filed for Chapter 11.

HNA Group North America LLC, the...

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