Owner of Sharonridge, 3 other Charlotte apartments files for Chapter 11 bankruptcy

The owner of four Charlotte apartment complexes, including the Sharonridge apartments at Sharon Lakes Road, filed for bankruptcy on Tuesday, according to court documents in federal bankruptcy court. Google

The owner of four Charlotte apartment complexes filed for bankruptcy on Tuesday, according to court documents in federal bankruptcy court.

The companies that filed for bankruptcy are all affiliated with Great Circle Capital, LLC, based in Indian Trail, corporate records show. A representative of the company could not immediately be reached Wednesday.

Property records show the companies own four low-rise apartment complexes in east and south Charlotte.

Those include the Sharonridge apartments at Sharon Lakes Road and Sharon Road West, as well as apartments at North Sharon Amity Road and Montague Street, Commonwealth Avenue and Rockway Drive and at Farmhurst Drive, near Nations Ford Road and Interstate 77.

The bankruptcy petitions were filed voluntarily under Chapter 11, which typically allows a company to reorganize its finances, reduce debts and continue operating.

The bankruptcy filings show assets of less than $50,000 and debts estimated between $1 million and $10 million. Creditors listed who are owed money include landscaping services, law firms, pest extermination companies, the city of Charlotte and Duke Energy.

The bankruptcy filing comes amid a record boom in new apartment construction in Charlotte. More than 12,000 units are under construction and another 13,000 are planned, according to Charlotte-based Real Data.

Read more here: http://www.charlotteobserver.com/news/business/biz-columns-blogs/development/article47551745.html#storylink=cpy

Article from:- http://www.charlotteobserver.com




Owner of Black-eyed Pea restaurants in Texas files for bankruptcy

Russias Bankruptcy Law: Hit or Miss?

Spains largest ever corporate bankruptcy?

Post-bankruptcy, Family Christian Stores enters holiday season with renewed vision

Top bankruptcy expert to examine ex-Rangers owner Craig Whytes finances

Bankruptcy Court approves sale of 47 Haggen stores, including 11 in Washington

Obama green energy project Abengoa on verge of bankruptcy; demise recalls Solyndra

Norman nanotechnologies company files for Chapter 7 bankruptcy

Drumms bankruptcy setback could weaken him in extradition fight

Energy Future, creditors reach settlement over bankruptcy plan

Zohar I Bankruptcy May Provide Peek Into Lynn Tiltons Empire

The pitfalls of no Puerto Rico bankruptcy

David Drumm loses appeal against rejection of bankruptcy

Operator of cruise ship that stops at Clayton files for bankruptcy

Kingston alderman lists address in bankruptcy filing as Woodstock hamlet of Bearsville