Tennessee marina developer files for bankruptcy
A developer that owns land off Old Hickory Lake in Gallatin, Tenn., has filed for bankruptcy protection in a move that a spokesman said was aimed at preventing foreclosure, according to a Jan. 1 article in The Tennessean.
Foxland Harbor Marina, LLC, the developer that planned to use the land for a new marina, filed its bankruptcy petition in Nashville’s U.S. Bankruptcy Court on Dec. 30, 2009. This was in advance of a foreclosure sale that American Security Bank & Trust had planned for Jan. 4.
The article claims that Foxland Harbor Marina has an estimated $1 million to $10 million in assets and a similar range of liabilities. Prior to filing for bankruptcy, Foxland Harbor Marina had been seeking approval from the U.S. Army Corps of Engineers to build a full-service marina at Station Camp Creek.
Date: January 18, 2010
Categories: Industry News