December 19, 2022
Westbank Holdings, LLC, et al,1 Case No. 22-10082
U.S. Bankruptcy Court, Eastern District of Louisiana
Chapter 11, Judge Meredith Grabill
Westbank Holdings, LLC, Cypress Park Apartments II, LLC, Forest Park Apartments, LLC, Liberty Park Apartments, LLC, Washington Place, LLC, and Riverview Apartments, LLC (collectively, the “Debtors”) each filed voluntary petitions for relief under chapter 11 of the United States Bankruptcy Code.
You may download a copy of the Plans and Disclosure Statement (and the exhibits thereto) from the link below:
Mr. Bruno believes that acceptance of the Plans is in the best interests of the Debtors’ estates, holders of claims and all other interested parties. Any alternative other than confirmation of the Plans would result in extensive delays, increased administrative expenses and significantly lower distributions, if any, to holders of general unsecured claims.
The Plan and solicitation materials are intended to be self-explanatory. You are strongly urged to review and analyze the Plans in their entirety. Note that the Plans include a fixed payment over time to allowed unsecured claims. Under certain Plan options, the fixed payment is projected to result in an estimated distribution of 100% to allowed general unsecured claims. Further, in the event the Plans are accepted by an impaired class, the Debtors will contribute a percentage of any future cash flow to the accepting class. The extra percentage of cash flow will not be distributed to non-accepting impaired classes. Consequently, Mr. Bruno strongly urges that creditors vote to accept the Plan.
Should you have any questions, please do not hesitate to contact undersigned counsel. Undersigned may not offer you legal advice or advise whether you should vote to accept or reject the Plan.
Very truly yours,
The Congeni Law Firm, LLC
1An order directing joint administration of the chapter 11 bankruptcy case of Westbank Holdings, LLC, as lead case,with the chapter 11 bankruptcy case of affiliated debtors, Cypress Park Apartments II, LLC, Case No. 22-10083,Forest Park Apartments, LLC, Case No. 22-10085, Liberty Park Apartments, LLC, Case No. 22-10084, and Washington Place, LLC, Case No. 22-10086, was entered on February 4, 2022. [ECF Doc. 17]. An order directing the joint administration of affiliated debtor Riverview Apartments, LLC, 22-10176, was entered on March 14, 2022. [P-19]