Represented by Sari Placona and Anthony Sodono, US Bankruptcy Court Confirms Our Client's Chapter 11 Plan
On June 5, 2022, the United States Bankruptcy Court, District of New Jersey entered an Order confirming the chapter 11 Plan of Hajjar Business Holdings, LLC, et al. (collectively, the “Debtors”). The Debtors consisted of thirteen single asset real estate facilities (the “Properties”) and thirteen Delaware limited liability companies that operated the Properties. The Debtors are represented by Anthony Sodono, III, and Sari B. Placona. The Properties are located in New Jersey, New York, and Florida. The Properties are valued at between $80 and $100 million. In 2016, the Debtors entered into a loan for $81,500,000. That loan was sold to Wells Fargo Commercial Mortgage Trust 2016 C34, Commercial Mortgage Pass Through Certificates, Series 2016 C34 (“Secured Lender”). The Debtors filed chapter 11 to avoid a rent receiver being imposed. The Plan is comprised of a forbearance agreement and a plan administrator agreement between the Debtors and the Secured Lender which allows the Debtors time to secure financing and satisfy the Secured Lender. Sodono and Placona worked for over two years to formulate a consensual plan and save the Properties for their client.