American Spectrum Units Enter Ch. 11 To Halt Foreclosures

Law360, New York (January 10, 2014, 7:50 PM EST) -- A U.S. bankruptcy judge in Texas on Friday granted three subsidiaries of American Spectrum Realty Inc. joint administration in bankruptcy proceedings the companies filed in order to protect properties they owned from being foreclosed on by the properties' primary secured creditors.

According to court documents, on Sept. 30 discussions regarding three loans pertaining to four Houston commercial assets owned by the American Spectrum subsidiaries broke down. Subsequently, three creditors to the properties that had recently received promissory notes making them the primary secured creditors initiated foreclosure...
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