Jamestown LLC filed for Chapter 11 bankruptcy protection a day before the Rogersville development by the same name was headed into a trustee’s sale for default on a $5.05 million loan.
Bankruptcy documents were filed May 17 in the U.S. Bankruptcy Court of the Western District of Missouri, allowing developer American Equities of Missouri Inc. to avoid a May 18 foreclosure sale of two tracts at the 200-acre mixed-use property east of Springfield at U.S. Highway 60 and Business Route 60.
Chapter 11 protection provides for reorganization of a corporation or partnership, such as Jamestown LLC, according to www.uscourts.gov. By seeking Chapter 11 protection, a debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time.
“We’ve put ourselves in a position now to move forward so that we can get this thing sold, keep the sales going and … keep our commitments to people that we’ve put the property under contract with,” said AEMI President and Chief Operating Officer Stephen Cope.
Cincinnati-based Fifth Third Bank called its $5 million loan on Jamestown due to “default in payment of debt,” according to an April 30 legal notice published in The Daily Events.
The property is under contract with a Denver-based private investor and closing is expected to take place within 30 days, according to Rick McGee, a real estate agent with American Equities Realty, the real estate arm of AEMI.
“The filing is until (the owners) can settle with the new investor,” McGee said.
AEMI started the Jamestown planned community in the early 2000s. McGee said work to attract business to the development continues.
“We’ve secured the property, Jamestown LLC is still the owner and we’re looking forward to a bright future out there,” Cope added. “There’s a lot of great things happening, we’ve just gotta get over the hump of getting this new lender in and getting it closed.”
Jamestown LLC, represented by independent Springfield attorney Brent Hendrix, has until Sept. 14 to file its reorganization plan.
Creditors named in the Jamestown LLC bankruptcy filing and amounts owed are: Ozark-based Bolin Construction, $831,000; Fifth Third Bank, Chicago, $6 million; Timpanogos Trust, McKinney, Texas, $1.64 million; and Jennifer Marler, attorney with Sonnenschein, Nath & Rosenthal, St. Louis, for whom no amount was listed.
Jamestown LLC’s total assets are $15.7 million and liabilities are $8.47 million, according to court documents.[[In-content Ad]]
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