NY Real Estate Co. Enters Ch. 11 After $51M Court Loss

Law360, San Francisco (July 10, 2013, 9:37 PM EDT) -- Real estate company NMP-Group LLC filed for Chapter 11 in New York federal bankruptcy court Wednesday, less than a month after a New York state court granted an investor's foreclosure motion for a Madison Avenue property the company planned to develop and found the investor was owed $51 million.

NMP's brief Chapter 11 filing lists liabilities of $50 million to $100 million and nearly 30 creditors, including 172 Madison LLC, the partnership behind plans to develop the property at Madison Avenue and East 33rd Street, according...
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