Lender Forecloses on Beverly Hills Fan Co.
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Beverly Hills Fan Co. in Woodland Hills, disclosing that it is in “dire financial condition,” said its secured lender has stopped financing the company and foreclosed on its assets.
In addition, Shelley Greenberg has resigned as president of the supplier of ceiling fans and lighting fixtures.
The company said that its debt load has been “impossible to service,” and it has been unsuccessful in trying to restructure its secured loans from Capital Factors, the Small Business Administration and the Federal Deposit Insurance Corp.
The company said the foreclosure has eliminated any chance of it repaying its secured or unsecured creditors.
Its fiscal second-quarter and third-quarter results will show a large drop in revenues and continued heavy losses, the company said.
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