Meruelo Maddux asks court to reconsider Charlestown plan confirmation

By Caroline Salls

Pittsburgh, June 8 - Meruelo Maddux Properties, Inc. has asked the U.S. Bankruptcy Court for the Central District of California to reconsider a May 19 ruling that it will confirm the plan of reorganization filed by the Charlestown Capital Advisors, LLC and Hartland Asset Management, Corp. for Meruelo Maddux's bankruptcy case, according to a Tuesday court filing.

The hearing on the reconsideration motion has not yet been scheduled.

On Tuesday, the company asked the court to approve a stipulation, under which Kibel Green Inc. will monitor Meruelo Maddux's business operations through the effective date of the Charlestown plan to "aid the orderly transition to new management."

Kibel Green is the financial adviser for the company's official committee of unsecured creditors and official equity committee, the filing said.

The stipulation will be terminated if the reconsideration motion is granted or the Charlestown plan does not take effect for any reason.

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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