Brooklyn Developer All Year to Transfer Equity for $60 Million

All Year Holdings, a bankrupt developer of Brooklyn luxury hotel The William Vale, filed a Chapter 11 plan that centers on an investor group assuming ownership of all equity shares for $60 million.

Paragraph Partners LLC, a special purpose company led by healthcare executive Avi Philipson, will invest in $40 million in cash and $20 million in promissory notes, according to the disclosure statement All Year filed May 31 in the U.S. Bankruptcy Court for the Southern District of New York. The investment total could tick up if the deal includes The William Vale hotel.

A group of unsecured noteholders ...