Judge Declines Reorganization Plan for Round at Beaverton Central

BEAVERTON, OR-U.S. Bankruptcy Court Judge Trish Brown last week declined to approve a $2.3 million reorganization plan for a stalled downtown redevelopment project here called Round at Beaverton Central. The plan is by the City of Beaverton and Enron Microclimates, one of the project’s largest creditors, which has been talking to the California development company Dorn Platz about taking over construction of the development if Beaverton regains control of it.

Meanwhile, the project’s current owners, Selwyn Bingham and Sylvia Cleaver, say they should know within 10 days whether the company they are talking to will buy the bankrupt project for $3.7 million. Such a deal–down from a $4.8 million deal for which they could not get financing–would likely beat out the city and Enron’s less lucrative reorganization plan.