Rubicon US REIT Goes BK
January 21, 2010
Not much is known about Rubicon US REIT (a subsidiary of the larger Rubicon US Trust), but according to Reuters, the REIT with assets of $100-500M has filed for bankruptcy. Despite the talk of all the capital raised by REITs, Rubicon won’t be the last.
Property investment fund Rubicon US REIT is a subsidiary of Rubicon [...]
Opus West To File Chapter 11; Opus East Chapter 7
July 2, 2009
Two months ago Opus South filed bankruptcy and now following suit is Opus West, who has disclosed its intention to file Chapter 11 bankruptcy (reorganization). In addition, Opus has filed Chapter 7 (liquidation) and decided to liquidate Opus East.
We previously discussed Opus West and some of their local projects below in a few previous articles [...]
Opus West Bankruptcy Looming
June 10, 2009
There have been a flurry of articles out recently discussing the mounting troubles at Opus West and a possible bankruptcy filing. The company has been facing mounting problems and is seemingly following right behind Opus South, another division which Chapter 11 back in April. I raised questions about the health of Opus West at that [...]
Read More >>Opus South Files Chapter 11 BK
April 23, 2009
The South division of Opus Corp. filed Chapter 11 bankruptcy today. According to the press release,
Anne Marie Solberg, chief restructuring officer of Opus South, said the bankruptcy filings were made necessary by the continued deterioration in economic conditions in the commercial and residential real estate markets in the Southeast. “While we began slowing the pace [...]
General Growth Finally Files for Chapter 11 Bankruptcy
April 16, 2009
After many months of working to get forbearance and sell off some assets, General Growth Properties (GGP: 15.10 +2.37%) has finally declared Chapter 11 bankruptcy. This is a huge bankruptcy, but one of the biggest risks for stakeholders is seeing how the reorganization is handled because so much of the debt was sliced and diced [...]
Read More >>Silicon Graphics Files Chapter 11 BK, Sells To Rackable Systems
April 1, 2009
It’s somewhat ironic that the company that first subleased and then sold its headquarters to the Google behemoth several years back has now filed for bankruptcy and made the decision to sell itself for a paltry sum of some $25M. Silicon Graphics, which was founded in 1982, seems to have finally (they filed BK once [...]
Read More >>General Growth Properties To File For Bankruptcy “Soon”
March 16, 2009
Bill Ackman, the manager of Pershing Capital Management, has made an investment in General Growth Properties (GGP: 15.10 +2.37%), and is subsequently expecting a board seat. Ackman also indicated in an interview he anticipates GGP will file for bankruptcy in the next few days barring its creditors forebear debts through the end of the year, [...]
Read More >>Weekend Roundup
March 15, 2009
Los Angeles’ Largest Private Landowner Might Have to File For Bankruptcy Protection [Link]
According to the WSJ, Meruelo Maddux Properties is contemplating a bankruptcy filing to help it cope with its debt load. The developer has played a part in a large part of Downtown LA’s revitalization but it has now stopped making interest payments on some [...]
Blockbuster Exploring Bankruptcy?
March 3, 2009
Blockbuster shares (BBI: 0.401 -4.07%) sank 77% today as news came out that the company had hired Kirkland & Ellis LLP to explore a possible bankruptcy filing according to a Bloomberg article. The company currently has 7,500 stores and has faced increasing pressure from Los Gatos-based NetFlix (NFLX: 70.63 +1.48%).
A bankruptcy by Blockbuster would hit [...]
Ritz Camera Files Chapter 11 Bankruptcy
February 23, 2009
Ritz Camera has filed for Chapter 11 bankruptcy protection. The company has approximately 1,000 stores, and locally operates under the names Ritz Camera and Wolf Camera, and also operates the Boater’s World store located on Stevens Creek Blvd in San Jose. In other areas, the company also operates stores under the Kits Cameras, Inkley’s and The [...]
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