HOUSTON—American Spectrum Realty Inc., a real estate investment, management and leasing company, has revealed a joint plan of reorganization. The plan affects three of its subsidiaries: ASR-8 Centre LP, ASR-Parkway One & Two LP and ASR-Fountainview Place LP.
The move for reorganization is in response to foreclosure proceedings, instituted by creditors of debt secured by the subsidiaries' assets—four real property assets.
The loans on the four assets were acquired in 2013 by a private equity firm which initiated foreclosure proceedings that would have eliminated the substantial equity in the properties and the ability of the subsidiaries to pay their vendors and other lien holders.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
