Commercial Real Estate and Shopping Centers and Clearwater Crossing and Retail Development and Project Funding and Retail and Broadbent Co. and Real Estate & Retail

Broadbent subsidiary seeks bankruptcy reorganization

October 11, 2010

A subsidiary of Broadbent Co. that owns the building that houses the local concert venue the Music Mill is seeking to reorganize under the protection of bankruptcy.

White River Investments LP voluntarily filed for Chapter 11 on Oct. 4 in Indianapolis, listing assets of $1.4 million and liabilities of $1.3 million.

A lawyer for Broadbent, long one of the city's biggest developers of shopping centers, did not immediately return calls from IBJ. The Music Mill, in Broadbent's Clearwater Crossing shopping center on East 82nd Street, went out of business twice in 2009, but reopened each time after ownership changes.

The bankruptcy is the latest sign of financial strain at Broadbent Co. The firm and its president, George Broadbent, are immersed in nearly a half dozen lawsuits with lenders and other creditors that collectively are seeking more than $20 million.

The court fights began in August 2009, when Broadbent sued PNC Bank and Huntington, claiming they were wrongly attempting to restrict access to a $50 million credit line.

The largest secured creditor in the White River bankruptcy is Huntington, which is owed $1.1 million, court records show.

The company is the second Broadbent subsidiary to file for Chapter 11 this year.

Greenwood Point LP, which owns the Greenwood Point strip mall across the street from Greenwood Place, filed for reorganization on Jan. 20. That case is pending in U.S. Bankruptcy Court in Indianapolis.
 

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