Kobra Properties files Chapter 11
Sacramento Business Journal - by Michael Shaw Staff writer
Real estate developer Kobra Properties — which owns more than 80 restaurants, corporate centers and other commercial properties mostly in Northern California — has filed for Chapter 11 bankruptcy reorganization in Sacramento, citing a worsening economic recession, depressed real estate market and a “tumultuous” credit industry.
A full schedule of debts and assets has not been filed, but the Roseville-based company initially estimated its debts and assets at between $10 million and $50 million.
The company, launched in 1988, has been the subject of numerous lawsuits, liens and actions over the past year as the Sacramento real estate market worsened.
“Our country is facing difficult financial challenges,” founder and president Abe Alizadeh said in a prepared statement. “In the face of these challenges, we’re taking action so we can fairly honor our financial commitments, protect the thousands of jobs we provide and restructure Kobra Properties so we not only weather the storm, but emerge even stronger.”
The company said its related restaurant operations, including Jack in the Box, TGI Friday’s and Qdoba outlets, will not be affected by the bankruptcy filing.
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