Meruelo Sells SoCal Industrial Properties For $5M

Law360, New York (September 17, 2009, 5:31 PM EDT) -- A judge has approved the $5 million sale of two Southern California properties owned by Meruelo Maddux Properties Inc., but the bankrupt real estate developer will not be able to access those funds until a dispute with certain secured creditors is resolved.

On Wednesday, Judge Kathleen Thompson of the U.S. Bankruptcy Court for the Central District of California authorized the sale of the properties, which are located next to one another on industrial land off the Interstate 5 freeway near Los Angeles.

One of the properties...
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