Skip to main content

Apartment developer Fairfield Residential LLC Files for Bankruptcy

Fairfield's bankruptcy documents, filed in Delaware, list assets of $100 million to $500 million and liabilities of more than $1 billion. Apartment developer Fairfield Residential LLC, which has projects in North Texas, has filed for Chapter 11 bankruptcy protection.

Homepage_5F00_15-copy1.jpg_2D00_725x0.jpg (207×416)

The company said it reached an agreement with its major creditors for the “framework of a consensual plan of reorganization.” A new operating company was formed that will allow Fairfield to continue to operate its property and asset management, construction services and general partner functions. The new operating company has the ability to raise capital.

“Through our productive discussions over the past year, we have reached agreements with our lender groups that will allow us to continue to provide property management services, complete our construction projects and preserve value for our creditors,” president and CEO Christopher Hashioka said.

Fairfield specializes in multifamily housing and is based in San Diego, Calif.The filing includes Fairfield and 14 subsidiaries the company controls. Assets not transferred to the operating company will be transferred to a liquidation trust that will “serve to maximize creditor recoveries,” the company said.

The case is In re: Fairfield Residential LLC, U.S. Bankruptcy Court, District of Delaware, No. 09-14378

In other News

Bankruptcy Framework In Place  For Dubai World

Dubai World officials are due to meet creditors later this month to hammer out a six-month standstill agreement for its debts.

Dubai world  nakheel projects world islands

 

In the event that a deal with creditors cannot be reached, the new law will allow for a structured wind down of the company and protection for its assets, the advisor said. Earlier, Dubai's government announced that oil-rich neighbor Abu Dhabi has pumped in $10 billion of emergency funding to help meet Dubai World's immediate liabilities to creditors and contractors, including $4.1 billion to pay off an Islamic bond that matures today.

 

According to the advisor, the new law is specifically to deal with the problems at Dubai World but could also provide a framework for other Dubai government-related companies in financial difficulty.

Comments

Popular posts from this blog

Ruth Tarvydas to close the doors

Perth designer Ruth Tarvydas will close the doors of her King Street shop next week and appoint an administrator. The company plans on appointing an administrator to allow the company time to deal with creditors and maintain business relations with any owed parties. Tarvydas | Facebook www.facebook.com/ Tarvydas .fanpage http://www.ruthtarvydas.com/   A statement from the company said "regrettably Tarvydas will be leaving King St in 7 days." The label said they would continue to produce collections.   Tarvydas joins a range of iconic retailers, including Wasteland and Subway DC, which have all closed up shop in the last month

Current Bankruptcy , Insolvency Appointments

Corporate insolvency appointments in relation to companies registered in NSW, VIC, QLD, SA, WA, ACT, NT & TAS. Liquidation normally occurs when a company has failed and creditors resolve that it be wound up. List of bankruptcy , insolvency appointments 30 Nov Vanarden Pty Ltd Creditors' Meeting for Voluntary Creditors' Liquidations, QLD 30 Nov SMK Enterprises (Aust) Pty Ltd t/as Pet Cafe Cleveland Creditors' Meeting for Voluntary Creditors' Liquidations, QLD 30 Nov TSA Corporation Pty Ltd Creditors' Meeting for Voluntary Creditors' Liquidations, WA 30 Nov ACN 007 093 245 Pty Ltd formerly k/as Croydon Auto Electrical Services Pty Ltd Creditors' Meeting for Voluntary Creditors' Liquidations, VIC 30 Nov Hanlay Industrial Group Pty Ltd Creditors' Meeting for Voluntary Creditors' Liquidations, VIC 30 Nov S & K Contracting Pty Ltd Creditors' Meeting for Voluntary Creditors' Liquidations, NSW 30 Nov Zalma

Fashion chain Lisa Ho in Australia in administration

Who is Lisa ho ? Lisa Ho is an Australian fashion designer born in Albury, on the New South Wales and Victorian border. She is married to Philip Smouha. Wikipedia   Lisa Ho Designs is the latest Australian retailer to fall in financial trouble , with the high end fashion chain placed into administration last week.     Dressed in a black outfit, a stony-faced Ms Ho faced creditors yesterday for the first time since the business that she founded 30 years ago was placed into administration earlier this month. It is understood she did not address the creditors.   Administrators appointed for fashion house   Financial firm HLB Mann Judd has confirmed it was appointed as administrator of the high-end fashion chain last Wednesday. The administrator will sift through the company’s assets  and liabilities and look for a suitable buyer. A creditors’ meeting is scheduled for May 20, and in the meantime all 10 stores will reportedly continue to trade.   The