Hurricanes Push Fla. Developer Into Ch. 11

Law360, New York (September 16, 2008, 12:00 AM EDT) -- After having its Florida hotels battered by hurricanes, battling to get insurers to cover the damage and watching the real estate market founder, real estate developer Bray & Gillespie Management LLC has decided to take shelter in bankruptcy court.

Bray & Gillespie, along with 78 “affiliates or related entities,” filed for Chapter 11 in the U.S. Bankruptcy Court for the Middle District of Florida on Sept. 12. The debtors are asking the court to jointly administer all their cases.

The debtors have $400 million in secured...
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