Rivanna Plaza LLC, a developer of a project planned for Rte. 29, has filed for bankruptcy.
The Daily Progress reports that although the company filed for Chapter 11 on Tuesday, it intends to continue with the $9 million development that planned for the lot between Kegler’s Lanes Bowling and Schewels Furniture.
Just as in the case with Halsey Minor and the Landmark Hotel, Chapter 11 allows a company to file for bankruptcy and give the court a proposal on how to pay debtors over time.
According to the Progress, $3 million in assets are listed in the filing, as are $2.1 million in debts. The largest debt is a lien on a 3.3-acre lot for $1.4 million from Wachovia Bank.