(Read more on the debt and equity markets and the multifamily market .)

IRVINE, CA-Atherton-Newport Investments, which controls approximately 5,000 units of multifamily property in Las Vegas, Phoenix, Seattle and South Florida, filed a voluntary Chapter 11 bankruptcy petition this week after problems meeting its debt service. The Irvine-based company issued a statement saying that the filing “was necessitated by the actions of one of ANI’s creditors,” who include about 200 note-holders that invested about $40 million in ANI.

Atherton-Newport referred questions regarding the Chapter 11 filling to its attorney, Joseph A. Eisenberg of Jeffer, Mangels, Butler & Marmaro in Century City, who tells GlobeSt.com that after ANI “became illiquid and unable to service its debt,” some of the note-holders began collection efforts that prompted the bankruptcy filing. As Eisenberg explains, Atherton-Newport initiated the filing “to ensure that all of the note-holders were treated equally and fairly” and so that “nobody would leap to the front of the line by litigating aggressively” to collect on the debt.

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