Bankrupt developer Arlie & Company is expected to repay its creditors by this fall.
An attorney for Arlie & Company says the bankrupt development firm will repay all its creditors by this fall.
The Eugene firm filed for Chapter 11 reorganization in January when it didn’t have enough cash available due to raised interest rates on the $29 million it owed to Umpqua Bank.
All dozen secured creditors, whose loans are backed up by collateral, and 300-plus unsecured creditors will be repaid, Arlie attorney Albert Kennedy told U.S. Bankruptcy Judge Albert Radcliffe at a hearing Monday.
“This will be a full payoff plan,” Kennedy said, appearing in court with eight other attorneys, most of them representing banks to which Arlie owes upwards of $59 million.
Read the full story at The Register-Guard.
{biztweet}Arlie bankrupt{/biztweet}
