Filing Alert: Penns Grove Ventures Chapter 11

Penns Grove Ventures LLC, a Brooklyn, NY-based real estate company, filed for Chapter 11 protection on Jan. 28 in the U.S. Bankruptcy Court for the Eastern District of New York, Brooklyn Division.

The filing aims to preserve the company’s rights under a $17.5 million Purchase and Sale Agreement for a 144-unit residential property in New Jersey, critical to its reorganization plan, and to prevent the loss of a substantial deposit.

The company reports $10 million to $50 million in both assets and liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-40440.

Top Unsecured Claims

Key Parties

• Counsel:
  • Name: Kevin Nash
  • Firm: Goldberg Weprin Finkel Goldstein LLP
  • Email: knash@gwfglaw.com
• Signatories:
  • Name: David Goldwasser
  • Title: Chief Restructuring Officer
• Equity Security Holders:
  • Shloime Rosenberg (100%)

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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