First National owners seek to end bankruptcy

Owners of downtown's First National Center have filed a court motion saying they need their bankruptcy to be discharged to finance a $12 million settlement with lender Capmark Group.
by Steve Lackmeyer Published: April 17, 2012

Attorneys for Yashouafar reported potential lenders have indicated they cannot provide Yashouafar's investment group with financing unless the bankruptcy is dismissed and the property is “out of bankruptcy.”

“It has therefore become clear to the debtors that they must first dismiss their bankruptcy cases before they can finalize the terms of any takeout financing in connection with the property,” the attorneys stated.

Attorneys for Capmark have not responded to repeated calls from The Oklahoman for comment. Attorneys for Yashouafar reported in the filing their request is opposed by Capmark.

The United States court trustee, meanwhile, has reported to the bankruptcy court he has no objection to Yashouafar's request.

“The ownership is pleased that it has been able to resolve its differences with the lender and that in fact an amicable resolution was reached,” Yashouafar said in a statement provided Monday to The Oklahoman. “With the issues resolved with the lender, the ownership of First National Center is prepared to come out of bankruptcy and continue its effort toward renovating and upgrading this historical icon of Oklahoma City”.

by Steve Lackmeyer
Reporter Sr.
Steve Lackmeyer is a reporter and columnist who started his career at The Oklahoman in 1990. Since then, he has won numerous awards for his coverage, which included the 1995 bombing of the Alfred P. Murrah Federal Building, the city's Metropolitan...
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