Law Firms, Owed by Bankrupt Clients, Look to Represent Them in Court
Greenberg Traurig and Husch Blackwell are tapped for bankruptcies in Hawaii and Texas that count several law firms among leading creditors.
July 20, 2017 at 04:36 PM
3 minute read
When Hawaiian real estate developer Aina Lea Inc. filed for bankruptcy late last month, it owed Greenberg Traurig, Nixon Peabody and several other law firms nearly $900,000.
And Aina Lea, the company behind an unfinished residential development on Hawaii's big island worth a reported $1 billion, is now looking to hire a bevy of legal advisers, including Greenberg Traurig and Honolulu's Choi & Ito, to guide it through a Chapter 11 case.
Aina Lea filed a Chapter 11 petition on June 22 in Hawaii federal bankruptcy court, listing estimated liabilities of between $10 million and $50 million against assets between $100 million and $500 million. Among a list of the real estate developer's largest unsecured creditors, three of the top 10 are Am Law 200 firms. The company said it owed $253,685 to Nixon Peabody; $242,523 to Greenberg Traurig; and $77,621 to Pryor Cashman.
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