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Boatworks at Tahoe LLC files for Chapter 11 to avert foreclosure
The filing lists $10 million to $50 million in assets and debts and follows a $14.4 million default notice over unpaid property taxes and missing proof of insurance.
Boatworks at Tahoe LLC, the Lake Tahoe shopping mall and hotel owner, has filed for Chapter 11 bankruptcy protection to avoid a foreclosure auction scheduled for Aug. 12, according to Yahoo Finance.
The Tahoe City, California owner of Boatworks Mall and the adjacent Inn at Boatworks filed its petition in U.S. Bankruptcy Court for the Eastern District of California on Aug. 11, listing $10 million to $50 million in assets and debts.
Yahoo Finance reports that Citizens National Bank of Texas filed a notice of default in January tied to a $14.4 million loan after the debtor failed to pay property taxes and provide proof of insurance.
The automatic stay invoked by the Chapter 11 case halts legal actions against the debtor while the bankruptcy proceeds, and the petition does not state whether Boatworks at Tahoe plans to reorganize, restructure its debt, or sell its assets, Yahoo Finance said.