The company affiliated with developer
If the change is allowed, Inner Harbor West LLC could reorganize with trustee oversight and develop a plan to repay creditors. A Chapter 7 bankruptcy, if it were to go forward, would likely mean the liquidation of the company's assets.
Late last year,
A 43-acre waterfront parcel, where Turner planned to build a mixed use development, served as collateral for the loan and was scheduled for auction on Valentine's Day.
The auction was canceled when the involuntary bankruptcy petition was filed by a construction firm and a land consulting company that allege Inner Harbor West owes them more than $200,000.
"The intention is to keep this going as a viable entity," said Jeffrey M. Sirody, the attorney representing Inner Harbor West in the bankruptcy case. A Chapter 11 conversion could allow the Westport re-development to go forward, he said.