Getting your player ready...
U.S. Bankruptcy Court Judge Michael Romero on Thursday conditionally approved a court forbearance agreement that will allow the transfer of the Landmark condominium project from the developer to its lender.
Attorneys for developer Zack Davidson must revise the order that allows the forbearance agreement before it is approved.
Lender Hypo Real Estate Capital Corp. wants to take control of the Landmark project because Davidson defaulted on a debtor-in-possession loan agreement in which he was supposed to pay Hypo $10 million by May 20. He paid Hypo $5.8 million from the sale of nine condos over the past six months.
Davidson’s companies filed for Chapter 11 bankruptcy protection last August. Davidson filed for personal bankruptcy in February.
