The owner of the old Chiquita Center, located in downtown Florida, recently filed for bankruptcy after the building lost a major tenant last year.
According to reports, Tucson-based building owners, AZ 250 LLC, filed Chapter 11 bankruptcy in Arizona in January with 107 creditors, assets worth $25 million, and almost $71 million of liabilities listed. The building suffered major losses when tenant Chiquita Brands International transferred its headquarters to Charlotte, N.C. The 29-story skyscraper that used to house the Chiquita Brands was located at the northwest corner of East Fifth and Sycamore Streets.
According to court filings, the building is valued at $32 million, although an auditor with Hamilton County assessed the property’s value at $53 million. Court filings also stated that lenders are disputing the fact that the building is losing $500,000 per month.
After sustaining major financial losses, especially as a business, the best option to get rid of most of your debt may be bankruptcy. To learn more about bankruptcy, business bankruptcyin particular, call 513-621-0999. Ryan J. Really, Attorney at Law, PLLC, can help you understand the best options available to you when facing mounting debt.
