The Washington Business Journal offers a weekly roundup of bankruptcy filings in the region based on public records collected by parent company American City Business Journals.
For the week that ended Feb. 21, Washington-area bankruptcy courts recorded four business filings, including three with total debts above $1 million. Year to date through Feb. 21, the court recorded 22 Chapter 7 or Chapter 11 business bankruptcy filings, a 10% increase from the same span the prior year. Chapter 7 bankruptcy protection typically provides for the liquidation of a business’ assets to satisfy creditor claims, while Chapter 11 protection enables a business to restructure its creditor obligations with the goal to remain a going concern.
Orion Portfolio Management Group LLC filed for voluntary Chapter 11 bankruptcy protection Feb. 12 in the Eastern District of Virginia.
The debtor listed an address of 1601 Village Market Blvd. SE, #208, in Leesburg, and they will be representing themselves in court.…Read the full story from the Washington Business Journal.