NEW YORK CITY-Facing foreclosure at the hands of the Royal Bank of Canada on a $210-million mortgage, the owners of the Lipstick Building at 885 Third Ave. filed a plan for prepackaged bankruptcy Tuesday. In court documents, the owners list assets of $139.9 million and liabilities of $210.3 million.

RBC will support the Chapter 11 plan, which would reduce its secured claim to $130 million if the plan is approved, according to court documents. The plan would create an entity to be known as New Lipstick LLC, which would pledge its entire ownership stake in the 34-story office property to RBC.

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