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South Broadway theater owner goes bankrupt to avoid foreclosure
['Thomas Gounley']
BusinessDen
The owner of a renovated theater along South Broadway in Denver has filed for bankruptcy to stall a lender’s plan to foreclose on it.
Sonquist LLC, managed by real estate attorney Doug Norberg and business partner Paul Yaft, filed for Chapter 11 protection Friday.
“Imminent public trustee foreclosure scheduled, automatic stay necessary to preserve estate assets,” the filing states.
The bank filed to foreclose on the property in mid-August.
“The reasonable value of that theater is, I think, $6 million or more,” he said at the time.