A year after Telesis Community Credit Union filed a breach of contract claim against an Orlando shopping center, the owners of the property have filed a Chapter 11 bankruptcy petition.
International Shoppes LLC filed the petition Oct. 21, indicating that the property, located near the Universal Studios theme park, is worth $4.6 million, according to the case filed in the U.S. Bankruptcy Court, Middle District Florida in Orlando. The $416 million Telesis in Chatsworth, Calif., is owed $11 million, the case noted.
"The Florida property borrower filed bankruptcy as one step toward preparing a plan of reorganization, as allowable by law," Loren Houchen, chief operating officer of Business Partners LLC, told Credit Union Times in a Nov. 3 statement. "We are taking appropriate steps to preserve the rights of the lender group that is comprised of Telesis Community Credit Union and other credit union participants."
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