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New Jersey Real Estate Co., Nine Affiliates File for Chapter 11
Published: October 19, 2007
Source: Forbes/Associated Press
Cherry Hill, N.J. - New Jersey real estate company Medford Crossings North LLC and nine of its affiliate companies filed for Chapter 11 Wednesday, Forbes reports.
All 10 are controlled by New Jersey real estate developers Mitchell R. Cohen and Carl Freedman filed separate petitions with the U.S. Bankruptcy Court in Camden, N.J.
Medford Crossings and its affiliates are that their cases be jointly administered to avoid doubling their efforts on 10 different dockets.
The affiliate companies included: Cherry Hill, N.J.-based Medford Crossings South LLC, Purple Tree One LLC, Purple Tree Two LLC, Purple Tree Three LLC, Purple Tree Four LLC, Purple Tree Five LLC, Purple Tree Ten LLC, Purple Tree Investments LLC and FC Medford Residential LLC.
Each company listed assets in the $100,000 to $1 million range and debts of $1 million to $100 million.
The companies each said they have fewer than 50 creditors and should have enough funds to pay unsecured creditors.
No specifics about why the companies were filing for bankruptcy were given, but a statement signed by Cohen said they were unable to pay their maturing debts and therefore needed reorganization.
