Bankrupt Times Square Crowne Plaza Cleared To Seek Creditor Vote

The owners of a Times Square building and an attached Crowne Plaza hotel won court approval to kick off a creditor vote on the company’s bankruptcy exit plan that includes a potential restructuring or sale of its properties.

The proposed plan by Times Square JV LLC, which is ultimately owned by Vornado Realty Trust, offers enough information for creditors to make an informed decision on whether they will support the proposal, Judge John P. Mastando III said at a Wednesday hearing in the US Bankruptcy Court for the Southern District of New York.

Funds from a potential sale of the ...