Minnesota real estate developer exits bankruptcy, allowed to keep key properties
Jerry Trooien, a St. Paul, Minnesota-area real estate developer, recently emerged from protection under bankruptcy law and is retaining several of his properties with a chance to start over.
Jerry Trooien, a St. Paul, Minnesota-area real estate developer, recently emerged from protection under bankruptcy law and is retaining several of his properties with a chance to start over.
Woodbury's Sheraton Hotel, Minneapolis office buildings, Roseville and Minnetonka office buildings and industrial property in Minneapolis are the properties Trooien will maintain, according to the Pioneer Press.
"It isn't a free ride going forward," Steven DeRuyter of the Leonard, Street & Deinard law firm in Minneapolis, told the news source. He's got his work cut out for him."
Trooien will also offer his creditors 50 percent of the value for the properties that he is allowed to retain after a five-year period. He already paid the agreed upon $325,000 payment to creditors that was a requirement of the reorganization plan, the news source states.
According to TwinCities Business, Trooien's bankruptcy exit plan was approved by U.S. Bankruptcy Judge Nancy Dreher. The plan entails Trooien paying his creditors roughly $7.7 million of the reported $90 million in debts.
Need Help Filing Bankrutpcy?
Complete the form below and an attorney near you will call you to discuss your options. The form only takes a few minutes to complete, so get started now!
Like this article? Please link to it using the code below:
These articles are all written by BankruptcyHome.com's great editors and contributors. If you would like to write articles for BankruptcyHome.com, please email editor[at]bankruptcyhome.com.
Related Articles
Is Bankruptcy Right For You?
If you are ready to find out if Bankruptcy can help improve your financial situation, the best place to start is our Free Case Evaluation form. Complete the form below and an attorney near you will call you to discuss your options. Bankruptcy law differs from state to state so it's important that you discuss your case with a local bankruptcy attorney. The form only takes a few minutes to complete, so get started now!