Curtis Bay industrial park completes trip through U.S. Bankruptcy Court

April 27, 1994|By Consella A. Lee | Consella A. Lee,Sun Staff Writer

A U.S. Bankruptcy Court judge in Baltimore yesterday approved a disclosure statement and reorganization plan for Marley Neck Industrial Park, which owes its creditors more than $20 million.

The Curtis Bay office-warehouse industrial park filed a bankruptcy petition March 16 under Chapter 11, allowing reorganization and payment of debts. The case went through bankruptcy court in 41 days.

The park's chief creditor is Barclays Bank PLC.

Arundel Industrial Park Inc., a Delaware subsidiary of Barclays, will assume ownership of the 101-acre park on Cabot Drive.

Prospective buyers have expressed an interest in the property, said the bank's lawyer, John Martin Klein, who declined further comment.

CC&F Anne Arundel Investment Co., the park's principal owner, listed its liabilities as $20,206,828.86, almost all of it owed to Barclays. Four unsecured creditors, mostly utility companies, are owed about $4,000. Assets were not filed.

Judge E. Stephen Derby heard the case.

The reorganization plan submitted was a joint effort between CC&F and Barclays. The industrial park's owners fell victim to the recession and ended up defaulting on a loan from Barclays.

"Creditors who are scheduled or who file claims allowed by the court will receive full payment," said Brooke Schumm III, attorney for CC&F.

The deadline for filing claims is May 27.

"I think Barclays and the debtor, CC&F, are pleased that it was resolved quickly, and unnecessary cost in litigation was avoided," said Mr. Schumm, noting operations and tenants at the park, home to five companies, were not affected by the bankruptcy filing.

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.