NY Real Estate Co. Enters Ch. 11 After $51M Court Loss

Law360, San Francisco (July 10, 2013, 9:37 PM EDT) -- Real estate company NMP-Group LLC filed for Chapter 11 in New York federal bankruptcy court Wednesday, less than a month after a New York state court granted an investor's foreclosure motion for a Madison Avenue property the company planned to develop and found the investor was owed $51 million.

NMP's brief Chapter 11 filing lists liabilities of $50 million to $100 million and nearly 30 creditors, including 172 Madison LLC, the partnership behind plans to develop the property at Madison Avenue and East 33rd Street, according...
To view the full article, register now.