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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