Los Angeles, Calif. -- The Wall Street Journal reported Friday that Los Angeles real-estate firm Meruelo Maddux Properties Inc. was in a financial crunch and the company may have to file for bankruptcy protection.
Meruelo Maddux Properties Inc. is a developer of downtown Los Angeles residential properties.
The Journal reported "Meruelo is late on completing a 35-story apartment building, adjacent to L.A. Live, that is due to open this fall. The company said it will keep making debt-service payments on that project, which it originally had planned to open in May."
"Meruelo is trying to sell its buildings to pay down debt and to persuade its lenders to restructure loans, but said that if those options fail, a bankruptcy filing could be a "strategic alternative," " according to the Journal report.
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