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Meruelo Maddux Properties Inc., which deals largely in industrial real estate and also owns some mixed-use and residential properties, said Thursday several of its subsidiaries have already filed for bankruptcy, the Los Angeles Times reported.
When the company reported last week it lost $85.8 million in the fourth quarter of 2008, it said it might seek bankruptcy protection. In a statement issued Thursday Chairman and Chief Executive Richard Meruelo said the company had "worked with diligence to avoid a reorganization filing."
"Despite our best efforts and careful consideration of all other alternatives, the filing became necessary given the challenging economic climate," he said. "Now, our goal is to implement a comprehensive reorganization and continue to seek additional outside financing which we believe will allow us to move forward."
The statement said Meruelo Maddux "expects to continue to manage its real estate portfolio and does not currently anticipate any disruption to its tenants." The company said it was unable to service most of its debt due to "significant, recurring cash shortfalls," the Times reported.
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