The Woodbridge Group of Companies, LLC, a real estate finance and development company based in Sherman Oaks, CA, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware, along with two hundred and seventy five subsidiaries and affiliates (Lead Case No. 17-12560). Woodbridge’s Petition reports $500 million to $1 billion in both assets and liabilities. According the First Day Declaration, the Debtors’ principal business is buying, improving, and selling high-end luxury homes. The Debtors have filed Chapter 11 to implement a balance sheet restructuring and have secured $100 million in DIP Financing from Hankey Capital, LLC. The DIP Motion has not yet been filed. The Garden City Group, Inc. is the proposed claims and noticing agent. The cases have been assigned to the Honorable Kevin J. Carey.
Contact Norman L. Pernick or Nicholas J. Brannick for more information regarding this matter. Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.