American Spectrum Realty, Inc. Announces Subsidiaries’ Successful Emergence from Chapter 11
30 Julho 2014 - 10:00AM
Business Wire
American Spectrum Realty, Inc. (the “Company”) (NYSE/MKT: AQQ) -
a real estate investment, management and leasing company -
announced the approval of a Joint Plan of Reorganization ("Plan")
for three of its subsidiaries, ASR-8 Centre LP, ASR-Parkway One
& Two LP, and ASR-Fountainview Place LP (the "Subsidiaries").
The Subsidiaries filed voluntary petitions for reorganization in
response to foreclosure proceedings instituted by creditors of debt
secured by the Subsidiaries’ assets, consisting of four real
property assets, in order to preserve the value of the assets which
the Company believed to be in excess of the outstanding secured
debt.
The loans on the four assets were acquired in 2013 by a private
equity firm. The private equity firm initiated foreclosure
proceedings which would have eliminated the substantial equity in
the properties and the ability of the Subsidiaries to pay their
vendors and other lien holders. The chapter 11 proceeding
successfully stayed the attempt until an arrangement was reached to
pay all creditors. During the pendency of the bankruptcy
proceedings, the Company completed the sale of the property held by
ASR-Fountainview Place and restructured the indebtedness secured by
the assets of the other Subsidiaries. The Plan will pay all
creditors (including vendors) in full.
ABOUT AMERICAN SPECTRUM REALTY, INC.
American Spectrum Realty, Inc. is a real estate investment
company that owns, through an operating partnership, interests in
office, industrial, retail, self-storage, RV parks, retail,
multi-family properties and undeveloped land throughout the United
States. American Spectrum Management Group, Inc., a wholly-owned
subsidiary of the Company, manages and leases all properties owned
by American Spectrum Realty, Inc. as well as for third-party
clients totaling 10 million square feet in multiple states.
Website: www.asrmanagement.com
FORWARD LOOKING STATEMENTS
Certain matters discussed in this release are forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from those projected,
including the risks and uncertainties of acquiring, owning,
operating and disposing of real estate. Such risks and
uncertainties are disclosed in the Company's past and current
filings with the U.S. Securities and Exchange Commission.
American Spectrum Realty, Inc.James Hurn, (713) 706-6200General
Counseljhurn@americanspectrum.com
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