Facing Loan Payment, Condo Developer Enters Ch. 11

Law360, New York (September 1, 2009, 12:57 PM EDT) -- Unable to push back the maturity date for a $182 million construction loan, Everest Holdings LLC, the owner of a high-end real estate development in Denver, has sought Chapter 11 bankruptcy protection in order to complete the project.

On Monday, Everest partners 7677 E. Berry Avenue Associates LP and EDC Denver I LLC filed a petition for bankruptcy in the U.S. Bankruptcy Court for the District of Colorado after failing to secure new financing terms with Hypo Real Estate Capital Corp.

Consisting primarily of the Landmark...
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