One of the numerous companies under local businessman Rob Arkley’s Security National umbrella today announced that it will be seeking releif under Chapter 11 bankruptcy. The press release is below:
Security National Properties Funding III, LLC is announcing that it is voluntarily seeking relief to restructure its bank financing under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
SNPF III and certain subsidiaries (collectively with SNPF III, the “Company”) own approximately 10 regional shopping centers and 21 multi-tenant office buildings in 15 states. The Company has owned shopping centers and office buildings since 1993, with such properties having a current occupancy rate of approximately 80 percent. These subsidiaries have also filed for protection.
The Company intends to work with its creditors to emerge from bankruptcy as quickly as possible while executing a plan of reorganization that preserves the Company’s operations.
All day-to-day operations and business of all of the Company’s properties will continue as usual. The decision to pursue reorganization under Chapter 11 came after extensive efforts by the Company to restructure its existing debt outside of Chapter 11 with its existing lenders.
“Our portfolio is completely stable with above-market occupancy rates and solid cash flows,” said Chad Christensen, Senior Vice President of Real Estate of the Company. “We hope to find consensual resolution that is beneficial to both the Company and its lenders.”
This article appears in The Trimmers.
“The Company” doesn’t plan on going anywhere. They’re basically pulling a SImpson Timber…er…Green Diamond Resources shuffle. The same folks are still in business, and business is good…said the CEO of the company earlier this year as the guest speaker at some convention in Eureka. The CEO of the company also bolstered his own business savvy image by stressing the importance of getting people who are sympathetic to your company involved in any facet of politics possible, “from city council to the school board.” And in fact the company has sympathisers in city council and an employee on the school board…? An important decision making position within the school board involving real estate and contracting expenses.
Follow the money. Corporations like Security National are privy to loopholes the rest of us don’t have the money for. They’re neither broke nor going out of business.
That’s it?
Is Chad Christensen related to Dean Christensen of the million-dollar salaried CEO of Coast Central?
I wouldn’t be surprised. Sometimes the nepotism of this County leaves one speechless.
How would it be nepotism if Chad is working for Security National and Dean is working for CCCU? Two totally differnt companies.
Still waiting for the spin from the Mirror
The name of Security National Company doesn’t seems fit for their name. The lesson here is that, no one are safe for bankruptcy. Even the most stable and well known companies are facing the same of financial crisis. Spend your money wisely to avoid any inconvenience situations.
http://www.goldbachlaw.com/long-beach/