Meruelo Maddux Says It May File For Bankruptcy

Stock quotes in this article: MMPI  

LOS ANGELES (AP) — Southern California real estate developer Meruelo Maddux Properties Inc. says it has been unable to service much of its debt and may have to file for bankruptcy.

The Los Angeles-based company says in a statement issued Wednesday that it has stopped making payments on loans totaling $266 million.

The company says it is seeking workout agreements with some lenders and has reduced expenses by suspending projects and reducing staff.

The developer says it is trying to sell some projects, but is finding few buyers in the current economic environment. It says its options include a voluntary Chapter 11 bankruptcy filing.

Meruelo Maddux owns, redevelops and develops property in downtown Los Angeles and other California urban markets. It is one of downtown Los Angeles' largest landlords.

  • Loading Comments...
  •  

SHARE:

  • email
  • print
  • comment
  • digg
  • delicious
  • linkedin
Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Recent Comments





Connect with TheStreet

Dow Jones S&P 500 NASDAQ 10-Year Note
10,388.90 1,105.98 2,194.35 34.83
Oil *
77.74
UP
22.75
UP
6.06
UP
21.21
UP
1.03
10 Yr
3.48%
SPDR Gold
113.75
+0.22%
+0.55%
+0.98%
+3.05%
Data delayed 20 minutes

Brokerage Partners

TheStreet Premium Services

All Services