Los Angeles California Tax Attorney Blog
Los Angeles based mall owner files for Chapter 11 business bankruptcy. According to Los Angeles Times article, one of the largest mall owners in Southern California with locations in Burbank, Northridge, Torrance and Carson has filed bankruptcy to reorganize its debt structure.
Chapter 11 Bankruptcy filings and other consumer and business bankruptcy filings by businesses located in Manhattan Beach Torrance Hermos Beach Redondo Beach Carson Gardena Lomita Lawndale Palos Verdes have seen a dramatic increase over the last 12 months period as our local economy goes through the current recessionary cycle. Chapter 11 Bankruptcy filing by General Growth Properties could have a ripple effect to other local businesses which rely on these malls for their own survival.
Chapter 11 bankruptcy attorneys provide business protection through the bankruptcy courts which typically allows a bankrupt company to hold off creditors and operate as normal while it develops a financial reorganization plan. Most Chapter 11 bankruptcy plans and Chapter 7 liquidation bankruptcies provide pay out of few cents on the dollar to its general unsecured creditors. Chapter 11 bankruptcy is available to both individuals and businesses of all size.
Los Angeles bankruptcy attorney Torrance Bankruptcy Attorney Redondo Beach bankruptcy attorney Hermosa Beach bankruptcy attorney Manhattan Beach bankruptcy attorney Gardena bankruptcy attorney Lomita bankruptcy attorney Palos Verdes bankruptcy attorney Carson bankruptcy attorney