Business Services Industry
Reorganization plan would turn shopping center over to banks.(News)(Fountain Walk, Standard Federal Bank N.A. and Charter One Bank)(Brief Article)
Crain's Detroit Business, May, 2005 by Snavely, Brent
Byline: Brent Snavely A reorganization plan for the Novi shopping center Fountain Walk, placed into Chapter 11 bankruptcy last year, calls for Standard Federal Bank N.A. and Charter One Bank to take possession of the property as repayment for the $68.3 million they are owed. A hearing for PLC Novi West Development L.L.C., the legal entity that owns the center, is scheduled for 11 a.m.
Friday in U.S. Bankruptcy Court in Detroit. The plan also lets the banks assign the property and debts to another party. Fountain Walk was developed by Newport Beach, Calif.-based PLC Commercial Inc. While the 77-acre, 737,000-square-foot shopping center is anchored by Dick's Sporting Goods, The Great Indoors and Emagine Novi, it has struggled to fill its space. The...
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