The Real Deal Miami

Palm Beach County developers seek bankruptcy protection

December 08, 2008 05:10PM

Two Palm Beach County developers have filed for Chapter 11 bankruptcy
in recent weeks to avoid the sale of their land by lenders. Greg
Talbott, a Boca Raton developer, filed for bankruptcy for two of the
real estate entities he owns, both of which owned property that was set
for public auction December 1. Lofts on Clematis LLC, a group of investors
that owns downtown West Palm Beach property, also filed for Chapter 11
last week. Chapter 11 is meant to give companies time to reorganize,
not just stall, and both companies said they have plans to restructure.