Meruelo Maddux debtor seeks court OK of $1.9 million property sale

By Caroline Salls

Pittsburgh, April 17 - Meruelo Maddux Properties, Inc. debtor Meruelo Maddux - 500 Mateo Street, LLC requested court approval of the proposed $1.9 million sale of its Los Angeles property to Mydland Enterprises, LLC, according to a Thursday filing with the U.S. Bankruptcy Court for the Central District of California.

After payment of property taxes and related charges and $445,000 in debt, the company said it expects to receive $1.37 million in net proceeds from the sale.

Since it is looking to close the sale by April 30, the company has asked the court to schedule the sale hearing for April 22.

Meruelo Maddux, a self-managed, full-service real estate company that develops, redevelops and owns commercial and multi-family residential properties, filed for bankruptcy on March 26. Its Chapter 11 case number is 09-13356.

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