Bankruptcy

Another Atlanta Developer In Bankruptcy: Miles Properties And Related Entities File Chapter 11 Petitions In Northern District Of Georgia

By Scott Riddle

Miles Properties, Inc., and several related entities, have filed Chapter 11 petitions in the Northern District of Georgia on January 8, 2010. The filing entities are listed below.  Miles is one of the largest developers and owners of apartment and condominium communities in the country, with its headquarters in Atlanta.  According to its website, it has 16 communities in Georgia and 36 total. 

The president of Miles, Daniel J. Miles, was already in bankruptcy.  An involuntary Chapter 7 petition was filed against him on December 8, 2009, Case No. 09-92601.  The case was later converted to a Chapter 11 case. Creditors in the personal case are seeking the appointment of a Chapter 11 Trustee in that case (click here for motion).

This is just the latest in a string of developers that have either filed for bankruptcy protection, allowed properties to be foreclosed upon, or just ceased operations.

Scott Riddle's practice focuses on bankruptcy and litigation. Scott has represented Chapter 7 and 11 debtors, creditors, trustees and other interested parties in bankruptcy cases and bankruptcy litigation.  For more information, click here.

Full post as published by Georgia Bankruptcy Blog on January 10, 2010 (boomark / email).