Lauren Enterprises Files Chapter 11 Bankruptcy

by San Antonio Attorney

The owner of 14 office condos in Coral Springs filed for Chapter 11 bankruptcy, halting the upcoming foreclosure auction of the units.

PNC Bank obtained a $7 million deficiency judgment against Lauren Enterprises, together with managers Ricardo Pedrosa and Sharon Pedrosa. It involved a $3.77 million loan from RBC Bank, which was afterwards procured by PNC Bank. The auction was set on October 7.

Lauren Enterprises filed for Chapter 11 protection on July 21.

According to the debtor’s attorney, they wanted some time to work out their debt with the bank before a receiver takes possession of the property.

He also said of the 14 units, 11 are leased. The filing has yet to provide its biggest creditors and assets involved.

Filing for Chapter 11 bankruptcy allows a company to restructure under the U.S. bankruptcy laws. The automatic stay takes effect immediately after the filing and all creditors must stop their collection efforts against the debtor.

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