The following firms have filed for bankruptcy protection recently with local clerk of court offices of the U.S. Bankruptcy Court.
Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court. In a Chapter 7 liquidation, a court trustee sells assets to pay creditors' claims. The company then ceases operations.
Rockville Court District of Maryland
Burgers of F St. Inc. of 1101 F St., Washington, filed for Chapter 11 reorganization Sept. 17. The fast-food restaurant listed assets of between $500,000 and $999,000 and liabilities of between $500,000 and $999,000.
R.E. Wright Electrical Contractors Inc. of 8305 Grey Eagle Dr., Upper Marlboro, filed for Chapter 11 reorganization Sept. 10. The electrical contractor listed assets of $1,934,692 and liabilities of $2,063,656, of which $1.05 million was a promissory note held by Jefferson Bank and Trust Co. of Beltsville.
Three-Score Development Corp. of 7301 Brickyard Rd., Potomac, filed for Chapter 11 reorganization Sept. 19. The land development firm said its assets and liabilities were each more than $1 million.
Tirupeti Friends L.P., also known as Hillcrest Motor Court, of 9122 Baltimore Blvd., College Park, filed for Chapter 11 reorganization Sept. 17. The motel listed assets of $920,596 and liabilities of $2,022,250.
District of Columbia
Exeter/Connecticut Partnership, a D.C. general partnership, filed for Chapter 11 reorganization Sept. 12. It listed as its address 820 White St., Key West, Fla., the address of partner F. Bruce Corneal, who owns 75 percent of the firm. The partnership owes $2.3 million to Baltimore Federal Financial FSA, and the Resolution Trust Corp.
Alexandria Division Eastern District of Virginia
Brent Trucking Co. of Route 1, Box 75, Chantilly, filed for Chapter 11 reorganization Sept. 18. The trucking firm did not file a complete financial statement, but did list $216,000 in debts held by its 20 largest unsecured creditors.
Peem Enterprises Inc. of 4105 Crescent Hill Dr., Haymarket, filed for Chapter 7 liquidation Sept. 20. The real estate development firm listed assets of $253,100 and liabilities of $430,504.54. Further, the firm's president, Patricia D. Allue, and Eugene W. Allue filed as individuals for Chapter 7 liquidation. The couple, listing the same address as Peem Enterprises, listed debts of $1,231,723.39 and property of $672,350.
GS Partnership of 151 Spring St., Suite 300, Herndon, filed for Chapter 11 reorganization Sept. 20, one day before York Federal Savings and Loan was to have held a foreclosure sale on its Governor's Square Condominium project in James City County. GS Partnership listed assets and liabilities as being between $500,000 and $999,000, and said that it owed York $560,000.