Filed: Nov. 27, 2012
Latest Update: Nov. 27, 2012
Summary: STIPULATION AND CONSENT ORDER AUTHORIZING THIRD EXTENSION OF EXCLUSIVE PERIODS TO FILE PLAN OF REORGANIZATION AND OBTAIN ACCEPTANCES THERETO BY 60 DAYS WENDELIN I. LIPP, Bankruptcy Judge. WHEREAS, on August 22, 2012, D.C. Development, LLC, Recreational Industries, Inc., Wisp Resort Development, Inc., and The Clubs at Wisp, LLC, the jointly administered debtors and debtors in possession (collectively, the "Debtors") filed their Motion for Fourth Extension of Exclusive Periods to File Plan of Re
Summary: STIPULATION AND CONSENT ORDER AUTHORIZING THIRD EXTENSION OF EXCLUSIVE PERIODS TO FILE PLAN OF REORGANIZATION AND OBTAIN ACCEPTANCES THERETO BY 60 DAYS WENDELIN I. LIPP, Bankruptcy Judge. WHEREAS, on August 22, 2012, D.C. Development, LLC, Recreational Industries, Inc., Wisp Resort Development, Inc., and The Clubs at Wisp, LLC, the jointly administered debtors and debtors in possession (collectively, the "Debtors") filed their Motion for Fourth Extension of Exclusive Periods to File Plan of Reo..
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STIPULATION AND CONSENT ORDER AUTHORIZING THIRD EXTENSION OF EXCLUSIVE PERIODS TO FILE PLAN OF REORGANIZATION AND OBTAIN ACCEPTANCES THERETO BY 60 DAYS
WENDELIN I. LIPP, Bankruptcy Judge.
WHEREAS, on August 22, 2012, D.C. Development, LLC, Recreational Industries, Inc., Wisp Resort Development, Inc., and The Clubs at Wisp, LLC, the jointly administered debtors and debtors in possession (collectively, the "Debtors") filed their Motion for Fourth Extension of Exclusive Periods to File Plan of Reorganization and Obtain Acceptances Thereto by 60 Days (the "Motion") [Dkt. No. 399] seeking entry of an Order pursuant to § 1121(d) of the Bankruptcy Code extending the Debtors' exclusive period to file a plan of reorganization and obtain acceptances thereto; and
WHEREAS, on September 21, 2012, First United Bank and Trust ("FUB") filed its Opposition to the Motion (the "Opposition") [Dkt. No. 475], which Opposition was withdrawn by FUB during oral argument presented by counsel at the hearing held on November 19, 2012 to consider the Motion and the Opposition.
NOW, THEREFORE, it is, by the United States Bankruptcy Court for the District of Maryland, STIPULATED AND ORDERED:
1. That the Motion is GRANTED on the terms and conditions set forth herein.
2. That the period of time during which the Debtors maintain the exclusive right to file a plan under § 1121(d) is hereby extended until November 9, 2012, and the period of time for the Debtors to obtain acceptances is extended to December 9, 2012 (collectively the "Extension Period").
3. That, notwithstanding the terms of this stipulation or any applicable law to the contrary, including but not limited to §§ 1121, 1125 and 1126 of the Bankruptcy Code, during the Extension Period, FUB, Branch Banking and Trust Company and the Official Committee of Unsecured Creditors shall each have the right to, among other things, (i) exchange information with third parties concerning the financial affairs of the Debtors, (ii) negotiate with third parties with respect to the terms of a plan of reorganization for the Debtors, (iii) work on the terms of a plan of reorganization that would be acceptable to them, and (iv) enter into an agreement with one or more third parties for the proposal of a plan of reorganization that would be acceptable to FUB.
SO ORDERED.
