A corporate restructuring and bankruptcy BLOG

    Seward & Kissel LLP Represents Debtors in Successful Chapter 11 Cases of Times Square JV LLC

    Back in (the) Black: Road to Recovery
    April 6, 2023

    Seward & Kissel's Corporate Restructuring & Bankruptcy group represented Times Square JV LLC and its affiliates (the “Debtors”), the owner and operator of the Crowne Plaza Times Square Manhattan Hotel, in their recent Chapter 11 cases. The Debtors filed for chapter 11 protection on December 28, 2022. Judge John P. Mastando III confirmed the Debtors’ third amended plan of reorganization (the “Plan”) on March 16, 2023, just 79 days later, and the Plan went effective on March 31, 2023.  

    The Debtors entered chapter 11 with the support of their secured lender, Argent Ventures LLC, represented by Cleary Gottlieb Steen & Hamilton LLP. During the pendency of the case, the Debtors were able to consensually resolve most major case issues. The Plan ultimately incorporated a resolution of a dispute with the Debtors’ licensor, Holiday Hospitality Franchising, a settlement with the official committee of unsecured creditors, and the assumption of the Debtors’ union contracts.


    Seward & Kissel worked alongside Emerald Capital Advisors, as financial advisor, and Eastdil Secured, L.L.C. as real estate broker, for the Debtors.

    Seward & Kissel Team

    • John Ashmead
    • Bob Gayda
    • Mark Kotwick
    • Ross Hooper
    • Catherine LoTempio
    • Andrew Matott

    Media Coverage:

    Click here to access recent coverage by Law360.

    For more information about the Corporate Restructuring & Bankruptcy Group, please contact your primary attorney at Seward & Kissel.

    The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.


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