The historic Phillips Building on Fifth Street in downtown Austin is part of a slew of recent bankruptcy filings by the Austin real estate firm. (Photo courtesy ABJ Staff/Erin Edgemon)
AUSTIN (Austin Business Journal) — Nate Paul’s World Class Holdings continues to use bankruptcy as a bludgeon to fend off lenders trying to foreclose on its properties.
In the past two days, nine entities controlled by World Class have filed for Chapter 11 bankruptcy protection. The Austin-based real estate firm has increasingly relied on bankruptcy as a legal tool to give itself breathing room and potentially find a way out of default on multiple loans.
On Feb. 3, eight World Class entities filed for Chapter 11 protection in Delaware. And on Feb. 4, WC 2101 W Ben White LP — which is tied to a shopping center in South Austin, according to Travis Central Appraisal District —filed for Chapter 11 protection in U.S. Bankruptcy Court for the Western District of Texas in Austin.
Read the full story at the Austin Business Journal here.
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