NYC Office Tower Ch. 11 Sheds Light on Blocking Provisions

By Jeff Marwil and Ashley Weringa (June 28, 2022, 5:55 p.m. EDT) – This article analyzes PWM Property Management LLC’s filing for bankruptcy with the United States Bankruptcy Court for the District of Delaware to explain the impact of using blocking corporate governance provisions.

The filing also underscores the importance of a creditor-filed draft plan of reorganization and corresponding cooperative agreement, on a debtor’s exclusive right to file a Chapter 11 plan, as provided in Sections 1121. (b) and 1125 of the Bankruptcy Code.

Background

PWM Property Management has an office tower located at 245 Park Ave. At New York. On October 31, 2021, PWM filed Chapter 11.

HNA Group North America LLC, the…

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