New Delaware Chapter 11 Filing – NNN 400 Capitol Center, LLC
NNN 400 Capitol Center, LLC, a single asset real estate debtor, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware. According to the Petition, the Debtor estimates its assets and liabilities to both be between $10MM – $50MM. A number of related entities, NNN 400 Capital Center 2-28, LLC(s), previously filed for Chapter 11 on December 9, 2016 (Case No. 16-12728). According to the First Day Declaration filed in the earlier NNN cases, each of the NNN debtors owns an undivided tenancy in common in Regions Center, an approximately 547,000 square foot office building located in Little Rock, Arkansas. The case has been assigned to the Honorable Kevin Gross, who is also overseeing the cases of the related NNN entities.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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