Updating our earlier story regarding the chapter 11 bankruptcy filing of Philadelphia Rittenhouse Developer, L.P., the company has now filed a list of its largest 20 unsecured creditors. The company is the developer of the 10 Rittenhouse Square condominium building in Philadelphia, Pennsylvania.
The two largest unsecured creditors are listed as Turner Construction, with a claim of just over $3 million, and Dale (presumably a reference to Dale Corp., a Pennsylvania full-service construction management, general contracting and development/consulting firm) with a claim of almost $1.74 million. Interestingly, the fifth-largest general unsecured creditor listed is the homeowners’ association for 10 Rittenhouse Square condominium owners, with a claim of $183,313.90.
Further Update: Philadelphia Rittenhouse Developer has now filed all of its schedules of assets and liabilities, as well as its statement of financial affairs. These documents provide more detail on the company’s finances and balance sheet. In addition, its secured lender has asked the bankruptcy court to dismiss the bankruptcy case, asserting that it was filed in bad faith. Read more in our newest blog post about this case: http://blog.ch11cases.com/2011/02/philadelphia-rittenhouse-developer-lp.html#axzz1DJjgLLCq