Current updates are not available. Earlier updates remain below for historical context and may no longer reflect the case’s current position.
Earlier updates
These updates were replaced by later case developments and may no longer reflect the current case.
The court confirmed the Fourth Amended Plan for GVS Texas Holdings I, LLC and 14 debtor affiliates on March 21, 2022, approving a sale-centered exit from chapter 11 after an auction for substantially all assets. The cases began with most debtors filing on June 17, 2021, and GVS Portfolio I C, LLC filing on June 23; the debtors owned 64 Great Value Storage self-storage facilities totaling 30,811 units and about 4.1 million square feet across 10 states source filingsource filing.
The restructuring was driven by COVID-era operating pressure and defaults in a tiered debt stack: a $110 million mortgage loan, a $103 million senior mezzanine loan held by ESS-GV Holdings, LLC, and an $82 million junior mezzanine loan held by RREF III Storage, LLC. The confirmed transaction used CBRE WWG Storage Partners JV III, LLC as purchaser under an amended APA; the sale motion described roughly $450 million of estimated cash consideration and projected enough proceeds to pay creditors in full with residual value for equity source filing. The sale closed and the plan became effective on March 22, binding claim and interest holders and moving the debtors into post-effective-date administration source filing.
