Real Estate Firm IMH Hits Ch. 11 To Become JP Morgan Unit

Law360 (July 23, 2020, 12:20 PM EDT) -- Real estate holding company IMH Financial Corp. sought Chapter 11 protection in Delaware Thursday, after weeks of talks on a proposed restructuring of its nearly $129 million debt that will leave the company a private holding of JPMorgan Chase.

IMH had reported "substantial doubt" about its ability to remain a going concern beyond a year in a quarterly Securities and Exchange Commission report filed in May. At that time, the Arizona-based business said that it already was facing difficulties as the COVID-19 global pandemic bogged down the national and global economy.

Those concerns became a crisis as a July 25 deadline...

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