Court Grants Kobra Properties Early Motions Designed to Pay Employees, Maintain Operations

U.S. Bankruptcy Judge Michael S. McManus yesterday granted most of Kobra Properties’ “first day” motions allowing the company and its related entities to operate on a business as usual basis as it works to restructure under Chapter 11. Kobra’s related restaurant operations are not affected by its Chapter 11 filing. “Judge McManus’ ruling is a positive step toward reorganizing Kobra for the benefit of its creditors and the protection of... 

Kobra Properties Files for Chapter 11 Protection, Vows to Emerge Even Stronger

Kobra Properties, a real estate development company, based in Roseville, California, has filed for protection through Chapter 11 reorganization, saying the move was needed to honor its financial obligations, protect its employees and restructure the company so it emerges even stronger. Company officials said the action comes in response to the worsening economic recession, a depressed real estate market and the tightening and tumultuous credit industry,...