Meruelo Maddux operations to be monitored by adviser Kibel Green

By Caroline Salls

Pittsburgh, June 14 - Meruelo Maddux Properties, Inc. received court approval of a stipulation under which Kibel Green Inc. will monitor the company's operations through the effective date of the plan of reorganization filed by Charlestown Capital Advisors, LLC and Hartland Asset Management Corp., according to a Tuesday filing with the U.S. Bankruptcy Court for the Central District of California.

As previously reported, Meruelo Maddux has asked the court to reconsider a May 19 ruling that it will confirm the Charlestown/Hartland plan.

The company said Kibel Green, which is the financial adviser for its official committee of unsecured creditors and official equity committee, will monitor the operations to "aid the orderly transition to new management."

The stipulation will be terminated if the reconsideration motion is granted or the Charlestown plan does not take effect for any reason.

Meruelo Maddux, a self-managed, full-service real estate company that develops, redevelops and owns commercial and multifamily residential properties, filed for bankruptcy on March 26, 2009. Its Chapter 11 case number is 09-13356.

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