New Jersey residents will be interested to learn that TH Properties is set to successfully emerge from bankruptcy after its reorganization plan was approved by a judge. It will allow the company to continue its development of Barton Ridge in Camden County, along with a number of other pending developments for the long-standing business.
TH Properties filed for business bankruptcy reorganization in 2009 after falling victim to the housing crisis. The company was founded in 1992 by two brothers from Pennsylvania. One of the brothers said he felt a sense of accomplishment after the plan for resolving outstanding debts was approved by the court.
Recently, a U.S. bankruptcy judge in Pennsylvania, where the company is based, approved the plan, which permits TH Properties to continue operating while using proceeds from designated developments in Pennsylvania and New Jersey to pay the obligations covered in the business bankruptcy.
Previously, the company had been unable to reach an agreement with lenders to restructure certain debt obligations, but the hard-fought bankruptcy plan approval appears to have accomplished what the owners were seeking. They will be able to pay the outstanding mortgages, post-bankruptcy administrative claims and vendor contracts, according to the arrangements detailed in the court-approved plan. The company was pleased by the court’s decision and indicated the approval was the result of hard work on the part of everyone involved in the proceedings.
This reorganization underscores the point that bankruptcy can be an effective option to restructure business debt while allowing the organization to remain in operation. This particular case shows that a business can emerge from bankruptcy on stronger financial footing and with the likelihood of continued future success.
Source: PhillyBurbs.com, “Judge approves TH Properties’ long-awaited reorganization plan,” Crissa Shoemaker DeBree, Jan. 20, 2012