Minnesota Single Asset Real Estate Bankruptcy
The bankruptcy code provides special treatment for single asset real
estate debtors. One of the major difficulties facing the single asset
real estate Chapter 11 debtor is that the exclusive period for
proposing a plan for reorganization has been reduced from 120 days to
90 days. With less time to file a plan of reorganization with the
bankruptcy court, it is important for the DIP to have a good grasp of
their financial situation and have good cash flow to finance a plan or
reorganization. A single asset real estate DIP will also need a
current appraisal of their real estate to present to the court to get
approval through a cash collateral motion to use the rents or other
monies collected from the property to fund the operation of the real
estate.
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