Self-storage operator GVS Texas Holdings I LLC received bankruptcy court approval for a Chapter 11 plan that would fully pay back creditors with asset sale proceeds of $588.3 million.
The plan, preliminarily approved with some revisions by Judge Michelle V. Larson of the U.S. Bankruptcy Court for the Northern District of Texas Wednesday, calls for reinstatement of former CEO Natin Paul, pending court approval. It also sets aside about $89 million to deal with other unresolved disputes.
GVS sold nearly all of its assets in a bankruptcy auction to CBRE WWG Storage Partners JV III LLC, a joint venture of ...
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