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Charles City development company files bankruptcy

The development company behind an $8.6 million Charles City project has filed for bankruptcy protection.

Posted: Apr 30, 2019 7:41 AM
Updated: Apr 30, 2019 8:38 PM

CHARLES CITY, Iowa (AP) — The development company behind an $8.6 million Charles City project has filed for bankruptcy protection.

The Chapter 11 bankruptcy was filed last week by attorneys for McQuillen Place Co. LLC, listing more than $3.2 million in unsecured claims for the top 20 creditors.

Project developer Charles Thomson has declined to comment about the filing, which effectively stopped foreclosure proceedings. A Chapter 11 bankruptcy allows the filer to restructure finances under bankruptcy court protection.

The project plans called for retail stores on the first floor, with 33 apartments on the second and third levels of the 50,000-square-foot complex (4,645 square meters).

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