Westport bankruptcy converted to Chapter 11

The bankruptcy of the development company behind the Westport Waterfront project can move forward as a Chapter 11 reorganization.

Inner Harbor West LLC, one of the companies that developer Patrick Turner formed as part of his planned revitalization of roughly 43 acres in southwest Baltimore, sought Chapter 11 status shortly after an involuntary Chapter 7 petition was filed against the company by two creditors.

U.S. Bankruptcy Judge Robert A. Gordon's order allowing the conversion from Chapter 7 to Chapter 11 was entered Monday.

Liquidation of a company's assets is standard under Chapter 7 bankruptcy. Under Chapter 11, a trustee is typically appointed to oversee the development of a repayment plan for outstanding debts.

A creditors meeting has been scheduled for April 10 at 10 a.m.

Have a real estate news tip or experience to share? Email me at steve.kilar@baltsun.com.

Copyright © 2014, Los Angeles Times
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