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.
During the week that ended May 15, Washington-area area bankruptcy courts recorded two business filings, including one with total debt above $1 million. Year to date through May 15, the courts recorded 42 Chapter 7 or Chapter 11 business bankruptcy filings, a 32% decrease 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.
Parking Management Inc. filed for voluntary Chapter 11 bankruptcy protection May 7, in the District of Maryland.
The debtor listed an address of 1725 DeSales St. NW in the District, and is represented in court by attorney Michael J. Lichtenstein. Parking Management…Read the full story from the Washington Business Journal.