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.

Advisors
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