Salpare Developer files for Bankruptcy 0
Yet another developer has filed for bankruptcy and this time it is Oregon Based developer Mr. Michael DeFrees. The developer of Salpare Bay Condominium project has filed for Chapter 11 to stop the creditors from demanding payments and start negotiations with them. This is being done in an attempt to save the firm and the enterprise from being auctioned off.
The Salpare Condominiums were on the cards to be auctioned off shortly. This auction was supposed to fetch around $ 4.4 million for the contractor J. E. Dunn. J. E. Dunn was the major builder of the $100 million dollar project and had to quit 4 months before when its payments were not made. This caused the contractor to go to court, which ruled the favor in support of the contractor.
The sale was supposed to be for the 204 unit luxury condominiums on the 499, North East Tomahawk island Drive and for a 204 marina on the banks of river Colombia. The developer has all most 99 creditors to whom it owes money to which includes law firms and other manufactures and loan establishments. It has a debt of around 10 to 50 million dollars.
subscribe to comments RSS
There are no comments for this post