BRD Land & Investment is heading into a July 8, 2026 disclosure-statement and voting-procedures hearing on its amended joint plan of liquidation, with cash-collateral authority extended on an interim basis and several contested executory-contract disputes still unresolved.
The Charlotte-based land-entitlement partnership and its Warden Station affiliates filed under chapter 11 on February 24, 2026 in the Western District of North Carolina (Case No. 26-30215, Judge Laura T. Beyer), listing $100 million to $500 million in liabilities against a Carolinas real-property portfolio appraised above $35 million Voluntary PetitionDkt. 1. BRD entered the case carrying roughly $18.8 million of funded debt across three senior secured real-estate facilities — the Warden, Old Town, and Vance notes, all bearing 14.99% — held within the DLP lending complex and collateralized by the Warden Station tract in Conway, South Carolina, the Old Town Creek Road property in Leland, North Carolina, and a site in Vance, South Carolina. An emergency motion sought immediate authority to use DLP's asserted cash collateral to fund operations and advance project closings, warning of an irreparable liquidity crisis absent relief Emergency Cash Collateral MotionDkt. 11. DLP Lending Fund and DLP Capital Lending CH countered with a limited objection challenging adequate protection, the consolidated budget's reliance on $2 million of unbacked sale proceeds, and the debtors' failure to cure prepetition defaults and tax delinquencies on the collateral DLP Limited ObjectionDkt. 24.
The case has remained cash-collateral-only — no new-money DIP facility has been sought — with authority moving through successive interim orders that preserved lien-challenge rights, imposed a 10% cumulative budget variance, required weekly reporting to the Committee, DLP, and the Bankruptcy Administrator, and sequestered a nominal $17,306.18 Second Interim Cash Collateral OrderDkt. 138. On the plan track, BRD pivoted from an April 2026 joint plan and disclosure statement to a June 12, 2026 amended joint plan of liquidation and matching amended disclosure statement, now defended in omnibus reply against objections from DLP, HCT Pender, River Rock Farm, Springfield Plantation II, and Wilmington River Club, which the debtors characterize as conflating § 1125 disclosure adequacy with § 1129 confirmation standards Debtors' Omnibus Disclosure-Statement ReplyDkt. 319. A parallel reply defends the proposed voting and tabulation procedures against DLP, conceding court-supervised ballot-irregularity waivers while disclaiming substantive consolidation Debtors' Voting-Procedures ReplyDkt. 320.
The near-term calendar is contested on two fronts beyond plan approval. The Official Committee of Unsecured Creditors is opposing Wilmington River Club's effort to compel rejection of a $5.45 million purchase-sale agreement in which the debtors have roughly $1.09 million at risk, arguing the debtors retain § 365(d)(2) assumption rights through confirmation UCC Objection to WRC MotionDkt. 321. Separately, Meritage Homes of the Carolinas has moved to compel rejection of the Yarbrough Farms PSA and release of a $2 million Chicago Title escrow, set for an August 12, 2026 hearing Meritage Rejection MotionDkt. 317, and Waste Management Pros has objected to confirmation, asserting the plan leaves its $161,906.58 cash-bond-collateralized claim without recovery WMP Confirmation ObjectionDkt. 322.
