All Year Management Chapter 11 Bankruptcy Case Summary
All Year Management affiliate Evergreen Gardens Mezz, owner of the Denizen, a luxury apartment complex in Bushwick, NY, filed for chapter 11 on Feb. 22 initiating a public sale as well as a foreclosure of the Denizen. Unfortunately for All Year, the Denizen is one of their most valuable assets and it’s financial health played a primary role in the company’s ongoing restructuring plans. These continued discussions will be focused on paving a path forward to create a plan that maximizes the value for All Year’s bondholders and stakeholders.
The Covid-19 pandemic played a major role in the Evergreen Gardens bankruptcy filing. Many of the complex’s tenants were unable to pay rent and most prospective tenants negotiated much lower than average rent pushing All Year to consider restructuring alternatives. To read our full case summary of the All Year Management chapter 11 filing as well as some background information on the company’s bankruptcy click here: https://reorg.com/case-summary-all-year-managements-evergreen-gardens-mezz-seeks-path-forward-on-denizen-property/