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. 7, Washington-area bankruptcy courts recorded one business filing, and its total debt was above $1 million. Year to date through Feb. 7, the court recorded 14 Chapter 7 or Chapter 11 business bankruptcy filings, an 8% 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.
Schomburg Asset Fund LLC filed for voluntary Chapter 11 bankruptcy protection Feb. 4 in the District of Columbia.
The debtor listed an address of 1128 Geranium St. NW and is represented in court by attorney George M. Gates IV. Schomburg Asset Fund LLC listed assets ranging from…Read the full story from the Washington Business Journal.