Petra Offshore Fund, REIT Unit's Ch. 11 Disclosures OK'd

Law360, New York (December 22, 2011, 8:36 PM EST) -- Petra Fund REIT Corp. and its parent company Petra Offshore Fund LP on Thursday cleared the first hurdle on the way to approval of their Chapter 11 restructuring plan when a New York bankruptcy judge approved an amended version of their disclosure statement.

The statement outlines Petra's plans for exiting bankruptcy, including the dissolution of Offshore, the sale of $2 million in outstanding settlement payments owed to the REIT as a result of a lawsuit it brought against Belfonti Holdings LLC, the sale of equity interests...
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