According to a report in the Kansas City Business Journal, the company has listed its assets as between $50 million and $100 million. Its liabilities are between $10 million and $50 million.
The bankruptcy filing comes just days before contractors planed to go before the Johnson Country District Court to petition to foreclose on the project. The bankruptcy filing will halt the foreclosure process. Cormac, is said to have been trying to pull together $25 million to save the $60 million already invested into the mall project.
The Corbin Park project is meant to be a 1.1-million-square-foot regional mall. The development of the mall has been halted since August after construction firms found out the company had run into financing trouble.
To read the full article in the Kansas City Business Journal click here.
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