New Delaware Chapter 11 Filing – Woodbridge Group of Companies, LLC.
The Woodbridge Group of Companies, LLC, a real estate finance and development company based in Sherman Oaks, CA, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware, along with two hundred and seventy five subsidiaries and affiliates (Lead Case No. 17-12560). Woodbridge’s Petition reports $500 million to $1 billion in both assets and liabilities. According the First Day Declaration, the Debtors’ principal business is buying, improving, and selling high-end luxury homes. The Debtors have filed Chapter 11 to implement a balance sheet restructuring and have secured $100 million in DIP Financing from Hankey Capital, LLC. The DIP Motion has not yet been filed. The Garden City Group, Inc. is the proposed claims and noticing agent. The cases have been assigned to the Honorable Kevin J. Carey.
Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.
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As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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