Petra Offshore Fund, REIT Unit File For Chapter 11

Law360, New York (October 21, 2010, 4:05 PM EDT) -- Real estate investment trust Petra Fund REIT Corp. has filed for bankruptcy, citing poor market conditions and attempts by one of its creditors to collect a court award of nearly $70 million.

The fund, as well as its Cayman Islands parent, Petra Offshore Fund LP, filed for Chapter 11 in an attempt to initiate a proposed restructuring plan with Bear Stearns Funding Inc. and other creditors, according to documents filed Wednesday in the U. S. Bankruptcy Court for the Southern District of New York.

The Petra...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.