Citing $2.5 billion in liabilities, Office Properties Income Trust and 75 of its affiliated operations — including two in Plano — filed for Chapter 11 bankruptcy protection Oct. 30 in the Southern District of Texas.
OPI, a real estate investment trust headquartered in Newton, Massachusetts, has hired Latham & Watkins and Hunton Andrews Kurth as its bankruptcy legal advisors, Alix Partners as its restructuring advisor and Moelis & Company as its investment banker.
The case has been assigned to U.S. Bankruptcy Judge Christopher Lopez in Houston.
In its Oct. 30 filing, OPI identified between 1,000 to 5,000 creditors and claims it has $3.5 billion in assets.
First-day documents were filed by Hunton AK partner Timothy “Tad” Davidson.
According to the documents, OPI’s board has “determined that it is in the best interests of the Trust, its shareholders, its creditors and all stakeholders to consummate the transactions under that the proposed debtor-in-possession credit facility consisting of a term loan credit facility of up to $125 million, or such other amount as determined necessary by each authorized officer in consultation with the professionals.”
The case is In Re Office Properties Income Trust, Case No. 25-90530.