On June 7, 2021, Togut, Segal & Segal LLP filed Zuca Properties LLC, an owner of certain penthouse condominiums in Manhattan, in the U.S. Bankruptcy Court for the Southern District of New York.
The debtor is using the bankruptcy process to market for sale its condo units and consummate a chapter 11 plan of reorganization that is backstopped by a bid from its secured lender which has agreed to acquire the condos if no buyer is identified. The case was filed following substantial prepetition negotiations among the debtor and certain of its lenders and equity holders and the prepetition solicitation of votes on the chapter 11 plan that allows the debtor to expeditiously exit from chapter 11 pursuant to the dual track plan and sale process described above.
The case is captioned In re Zuca Properties LLC, Case No. 21-11082, and has been assigned to Judge Glenn.
