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Specializing in insolvency and complex commercial matters since 1974

Court Enters Order Confirming Chapter 11 Plan In Apartment Case - April 2011

On April 26, 2011, the Bankruptcy Court approved the Chapter 11 plan filed by The Cove Apartments in Tampa. The large water-front apartment complex was subject to a first mortgage in the principal amount of $50 million. The case involved numerous issues, including confirmation and cram-down disputes, the availability of post-confirmation injunctions protecting third parties who would be required to fund a portion of the plan distributions to creditors, and the enforceability of yield maintenance provisions. Harley Riedel and Dan Fogarty represented the Debtor.