Homeless Shelter Files for Bankruptcy
The San Fernando Valley’s largest homeless shelter has filed for protection from its creditors in federal Bankruptcy Court in a last-ditch effort to stay open.
“The shelter could not continue to survive without this,” said Sydney Irmas, chairman of Los Angeles Family Housing Corp., the nonprofit organization that operates the 72-room North Hollywood shelter. “It had to have some relief from the mortgage payments . . . none had been paid in 1989.”
The shelter, a converted motel, filed under Chapter 11 of the federal Bankruptcy Code, freezing its $2.24 million in assets and preventing creditors from suing or foreclosing on its building.
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