Auctions of two downtown Baltimore office buildings that were undergoing conversion to hotels have been cancelled after the developers filed for Chapter 11 bankruptcy court protection.
The buildings that are no longer up for auction are the former Keyser Building on Redwood Street that was being converted into the Hotel Indigo, a $24 million project with 130 rooms, and the former Jefferson Building on Charles Street that was being converted into a 100-room Staybridge Suites in a $22 million project.
(full article)
The Hotel Indigo, at the corner of Calvert and Redwood streets, is
98 percent done, according to the attorney for its owners.
Owners of Hotel Indigo, a 10-story boutique hotel in downtown Baltimore that has remained stalled and vacant for nearly a year, have filed for Chapter 11 bankruptcy protection.
The bankruptcy filing on Friday in U.S. Bankruptcy Court cites several creditors that are owed more than $14 million for work on the luxury hotel located in the Kaiser Building at 207 Redwood Street.
(full article)
Germantown-based Correlogic Systems filed for Chapter 11 bankruptcy earlier this month so that the diagnostic testing company can shed contracts with two major laboratory test suppliers that it says deter investors.
Though the circumstances of Correlogic's filing are unique, its struggle points to a larger issue for many biotech companies: securing enough money to work their way through the development process in hopes of bringing a product to market.
That can take years, even decades, as companies juggle scientific tests and clinical trials with government regulation. In an anemic economy, in which investments are only beginning to pick up after falling to their lowest level in more than a decade, long-term financing can be hard to come by.
(full article)
The owner-developer of downtown Baltimore’s historic B&O building has filed for Chapter 11 bankruptcy stemming from its conversion of the property into a boutique Hotel Monaco.
Germantown company develops cancer tests
For the second time in a month, a Maryland bioscience company has filed for bankruptcy.
But unlike Cyto Pulse Sciences of Glen Burnie, which filed for Chapter 7 liquidation, Correlogic of Germantown has filed for Chapter 11 protection and plans to soldier on with its cancer test candidate.
The company, which develops software for blood assays that look at multiple biomarkers for cancer, recently won approval from European regulators for its OvaCheck early detection test for ovarian cancer. Executives are negotiating deals with European labs to use the test.
(full article)
The administration of L-Soft International Inc.'s bankruptcy case has officially ended.
The Landover, Md., software maker announced Tuesday, May 4, that Judge Wendelin Lipp of the U.S. Bankruptcy Court for the District of Maryland in Greenbelt signed the final decree in the company's bankruptcy, signaling the end of the three-year Chapter 11 case.
Lipp's order was effective on April 27.
L-Soft's reorganization plan became effective on June 17, 2009.
(full article)
Friends and associates of Randy Nixon bought 97 acres of his family's half-century-old West Friendship farm, including the well-known catering facility, for $2.5 million Thursday in an auction at the Howard County Courthouse.
The purchase amounts to a rescue of the Nixons' plans to develop most of the property as a multigenerational, green-designed community of about 30 to 40 new homes, said Robert Brantley, 64, a financial adviser to the family. It will also allow Randy Nixon to continue operating the catering and event business on the property.
(full article)
Harms goes bankrupt, lays off 40 workers
By KATIE ARCIERI, Staff Writer
John E. Harms Jr. and Associates, a Pasadena engineering firm that developed marquee projects in the county for more than half a century, filed for bankruptcy last week after abruptly dismissing its 40 remaining workers.
Dianne Netherland, the company's chief financial officer, said most of the employees worked in the firm's Pasadena office at 90 Ritchie Highway. About 10 workers reported to the company's Frederick and Easton offices.
(full article)
Nixon's Farm files for Chapter 11
A last-minute bankruptcy filing has saved Nixon's Farm, a Howard County landmark known for social and political gatherings, from a foreclosure auction originally scheduled for today.
The Chapter 11 filing in U.S. District Court on Tuesday will allow Randall Nixon to continue operating the 128-acre West Friendship farm his family has owned since 1956, said James A. Vidmar, the Annapolis lawyer representing Nixon and his mother, Mildred.
(full article)
Attorney says farm will operate as normal and plans for development continue
By Derek Simmonsen
Nixon’s Farm in West Friendship staved off a last-minute foreclosure auction after a member of the family filed for bankruptcy Tuesday.
The family’s attorney said Nixon’s Farm will continue to operate as normal and is moving ahead with plans to develop portions of the property into a multi-generational residential community.
(full article)
