NY Real Estate Co. With $108M Debt Files For Ch. 11

Law360, New York (August 24, 2012, 4:03 PM EDT) -- A New York-based real estate company filed for Chapter 11 protection on Thursday, owing at least $108 million to creditors, after its two Alabama apartment properties were hit with foreclosure proceedings.

The company, Park Lane I LLC, has assets worth between $50 million and $100 million, according to an amended petition filed in the Southern District of New York. And foreclosure actions are currently pending in the Circuit Court of Jefferson County, Ala., according to court documents.

“GlassRatner Management & Realty Advisors LLC was appointed as...
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