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Santa Clarita LLC, which owns the undeveloped 900-plus-acre Whittaker-Bermite site, recently filed for voluntary bankruptcy, and is working to sell it to a global industrial real estate company for possible commercial and residential development, officials said Wednesday.
In November, Santa Clarita LLC filed for Chapter 11 bankruptcy, listing assets of up to $1 billion and debts ranging from $100 million to $500 million, a move that was designed to sell the property to Prologis Inc. and help Santa Clarita LLC pay its creditors, according to Christopher Bayley, an attorney representing the company.
“What would end up happening is that … when the (offer) closes, the money would then, from the sale, go to Santa Clarita LLC and it would be able to pay all of its creditors in full and pay everybody off that has allowed claims under the bankruptcy code,” said Bayley.