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Broadbridge LA’s Chapter 11 bankruptcy case dismissed by court
By Sarah Lizee
Olympia, Wash., Dec. 6 – Broadbridge LA LLC’s Chapter 11 bankruptcy case was dismissed Friday by the U.S. Bankruptcy Court for the Eastern District of New York.
As previously reported, the company withdrew its plan of liquidation and sought the case dismissal after it terminated the contract of sale for its 1 million square-foot commercial space in Los Angeles with proposed buyer Capri Investor LLC, which never posted a deposit.
The Chapter 11 plan was centered on the relatively prompt sale of the property at 801 South Broadway, its only asset, to Capri for $325 million.
When Broadbridge filed bankruptcy, the company was trying to prevent an immediate foreclosure and forfeiture of an investment of about $100 million in the property.
Secured creditor Museum Building Holdings, LLC had filed a motion seeking dismissal of the case, saying it was a bad-faith filing.
In light of termination of the contract, the debtor decided to withdraw its plan and consent to the dismissal.
Great Neck, N.Y.-based Broadbridge LA filed bankruptcy on Aug. 9 under Chapter 11 case number 22-72048.
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