Anaverde LLC Files For Chapter 11

Anaverde LLC filed a chapter 11 petition and Plan of Liquidation today at the United States Bankruptcy Court in DE.   The debtor, based in San Francisco, owns a master-planned residential development in Palmdale, California. 

According to Court documents, the debtor entered into a 2008 loan agreement for approximately $77 million with Cadim Note, Inc. of Needham, Massachusetts.  Cadim is owed approximately $64 million.  In 2009, representatives of the debtors determined that a spur of the San Andreas Fault runs through the proposed development rendering much of the development not feasible.  "In light of the foregoing and other factors, the fair market value of the Project is now approximately $13 million". 

According to the Plan of Liquidation, the debtor estimates a 15.8-16.4% recovery for Cadim secured claims.

The debtor is represented by Cross & Simon, LLC of Wilmington, DE.

Find about new chapter 11 cases fast!  Sign up for our case notification service now.  Contact Ken at ktroubh@nationwideresearch.com for details.

Search our database at www.chapter11library.com