BRD Land & Investment is operating under interim cash-collateral authority while its secured lender is pressing stay-relief motions against key land collateral, and the case is now oriented around a liquidation rather than an operating reorganization. The debtor filed Chapter 11 on February 24, 2026 in the Western District of North Carolina, with affiliated Warden Station cases, estimated liabilities of $100 million to $500 million, and a creditor body led by note claims and development-related professional claims, as reflected in the Voluntary PetitionDkt. 1.
The filing followed pressure on a land-entitlement business whose value depends on monetizing large development parcels in the Carolinas. At the outset, the debtor sought authority to use cash collateral to keep operations funded, pay essential expenses, and move real-estate projects toward closings through the Emergency Cash Collateral MotionDkt. 11. DLP objected early, asserting roughly $18.8 million of secured exposure across the Warden Station, Old Town, and Clark/Vance facilities, arguing that its collateral was eroding through delinquent taxes, missed payments, lack of equity, and a speculative budget dependent on sale proceeds in the DLP Limited ObjectionDkt. 24.
The court later entered a second interim cash-collateral order that kept the debtor funded through a budget period ending June 30, 2026, subject to a 10% cumulative variance, weekly reporting to DLP, the committee, and the Bankruptcy Administrator, and interim sequestration of $17,306.18, while preserving challenges to asserted liens through the . That order stabilized liquidity temporarily but did not resolve the core secured-creditor dispute over whether the estate should continue controlling the land assets.
The current fight is over collateral control and liquidation execution. DLP has moved for stay relief and adequate protection on the Warden Station properties, asserting an $11.8 million claim, unpaid real-estate taxes, daily default-interest accrual, no postpetition payments, and a debtor liquidation plan that, in DLP’s view, makes the property unnecessary to an effective reorganization through the Warden Station Stay Relief MotionDkt. 226. DLP filed a parallel stay-relief motion on the Clark property, citing a $2.84 million claim, tax arrears, default interest, and the debtor’s own liquidation posture in the Clark Property Stay Relief MotionDkt. 230. Near-term pressure points are the June 3, 2026 disclosure-statement hearing and the June 17, 2026 omnibus hearing, where objections to DLP’s stay-relief motions and Wilmington River Club’s contract-related stay-relief request are set to converge if timely responses are filed.