Judge approves bankruptcy plan for Patterson Park CDC
A bankruptcy judge has approved a Chapter 11 reorganization plan for the Patterson Park Community Development Corp., according to attorneys for the nonprofit largely responsible for helping to revitalize the neighborhoods north of Patterson Park. U.S. Bankruptcy Court Judge Robert A. Gordon approved the plan Tuesday in Maryland court, according to a release from Whiteford, Taylor & Preston, which represents the nonprofit. The group filed for bankruptcy in February after suffering liquidity problems related to the housing collapse. The Patterson Park CDC has raised millions for the neighborhood via park restoration and hundreds of home rehabilitations. The group owned 125 parcels of property in Baltimore and had relationships with 23 lenders as of February. Details of the plan were not released.