Meruelo Maddux Properties asks court to extend use of cash collateral

By Lisa Kerner

Charlotte, N.C., June 9 - Meruelo Maddux Properties, Inc. requested approval to extend the authority for its use of cash collateral and to maintain its cash management system to Sept. 30 from June 30, according to a Tuesday filing with the U.S. Bankruptcy Court for the Central District of California.

A hearing is scheduled for June 29.

According to Meruelo, a hearing on its disclosure statement will be held on June 21. The debtors do not believe the effective date of the plan will occur before Sept. 30.

Meruelo Maddux, a self-managed, full-service real estate company that develops, redevelops and owns commercial and multifamily residential properties, filed for bankruptcy on March 26, 2009. Its Chapter 11 case number is 09-13356.

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