American Spectrum Realty Inc. filed a Chapter 11 petition in Houston March 16, about a month after creditors with $20 million in claims started an involuntary bankruptcy in Santa Ana, Calif. (In re American Spectrum Realty Inc., Bankr. S.D. Tex., 15-31514, petition filed 3/16/15).
The petition in Houston, where the real estate investment company is based, listed assets of $344.6 million and $347.2 million in debt, including amounts owed by subsidiaries.
The creditors who filed the involuntary petition in Santa Ana asked the judge to appoint a Chapter 11 trustee, saying the company was being grossly mismanaged ...
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