Bankruptcy Filing Halts CU's Sale Of Apartment Buildings
APPLETON, Wis. – An 11th hour bankruptcy filing by a real estate developer staved off the planned foreclosure auction of two apartment buildings in the town of Shawano by Fox Communities CU.
Midwest Properties of Shawano, LLC, filed a new Chapter 11 bankruptcy petition in Delaware last week, heading off a scheduled sheriff’s sale of the two properties. The bankruptcy filing came the day before a motion to grant the foreclosure was to be heard in Shawano County Circuit Court.
The properties already were in receivership as a result of a civil suit brought by the credit union.