SILVER STAR PROPERTIES REIT, INC: going-concern / distress — SPE Chapter 11 plan confirmed; Silver Star expects $370M for self-storage

SILVER STAR PROPERTIES REIT, INC

Bankruptcy Court confirmed SPE's Chapter 11 plan on Feb 26, 2024; effective date expected by March 27.
Plan transfers all SPE properties to indirect subsidiary Silver Star CRE, free of liens.
Exit facility proceeds will repay Goldman Sachs SASB loan and set aside ~$20.3M for unsecured claims.
Silver Star anticipates ~$370M in available funds (at 50% LTV) for self-storage redeployment.
Minority shareholder Hartman vREIT XXI agreed to cease interference; property sales to continue.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

SILVER STAR PROPERTIES REIT, INC entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-09-14).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the District of Delaware
Petition: 2023-09-14

Exact text from the filing

SPE filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), commencing Case No. 23-1145 (the “Bankruptcy Case”).

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Source: SEC EDGAR

accession 0001446687-24-000058

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