Whittaker-Bermite owner files for bankruptcy, working to sell land

Santa Clarita LLC, which owns more than 900 acres of undeveloped Whittaker-Bermite site, recently filed for voluntary bankruptcy and is working to sell it to industrial real estate companies around the world for commercial and housing development potential. Officials said Wednesday.

In November, Santa Clarita LLC filed for Chapter 11 bankruptcy and listed assets of up to $ 1 billion and debt ranging from $ 100 million to $ 500 million. This is a move designed to sell real estate to Prologis Inc. and help Santa Clarita LLC pay creditors. According to Christopher Bailey, a lawyer representing the company.

“Ultimately … (offer) is over, the money will be sent from the sale to Santa Clarita LLC, where you can pay all creditors in full and all authorized people. Bankruptcy Law Claims based on, “said Bailey.

The Whittaker-Bermite site is located in the heart of the city, surrounded by Soledad Canyon Road, Golden Valley Road, Railroad Avenue and Circle JR Ranch in each direction. Since the 1930s, the area has served as a producer of dynamite, fireworks and oilfield explosives. Years of production left behind chemicals and waste by-products in soil and groundwater, even after a complete shutdown in 1987.

In 1995, members of the Santa Clarita City Council approved a development plan called the Portabella Specific Plan. The plan is for 1,200 detached homes and 1,600 apartments, 96 acres of commercial and commercial use, and 400 acres of open space. According to the city’s Whittaker-Bermite website, the deal also meant building millions of dollars in public infrastructure and repairing the site before development. Last year, the site cleanup was declared complete 20 years later, but a complete water cleanup effort continues.

According to RFI CEO David Lunn, Santa Clarita LLC purchased the site from Whittaker Corp. in 1999 and Arizona-based Remediation Financial Inc in 2019. Purchased Santa Clarita LLC. On February 9, the California Department of Toxic Substances lifted its property for $ 1.4 million after soil and groundwater purification, according to Josedias, a senior project manager at the State Department.

Lien is placed on property so that creditors such as banks and cooperatives can collect what they have to pay. When the lien is removed, the owner is given a complete and clear title for the property.

Prologis officials did not return a request for comment on Wednesday, but Ran was looking for a global real estate agency to work with homebuilders in the Santa Clarita Valley to realize Portabella’s unique plans on Wednesday. I said there is.

City and Santa Clarita LLC Development agreement It is still in place.

“We are trying to work with the city to agree that the development agreement is still in place,” said Lan, who is also working with Prologis on the infrastructure set out in the Portabella project. He added that he has access to federal grants.

The city cannot comment on the issue because of the pending claim, said Carrie Lujan, city communications manager.

Meanwhile, Santa Clarita LLC filed a complaint against Blueox Holdings LLC on Tuesday to challenge the allegations that the bankruptcy plaintiff or creditor “is seeking a large amount of payment that the debtor (Santa Clarita LLC) does not pay”. I did. I don’t agree, “said Bailey.

The lawyer added that more complaints could be filed.

Whittaker-Bermite owner files for bankruptcy, working to sell land Source link Whittaker-Bermite owner files for bankruptcy, working to sell land

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