Morgantown Business Emerges from Chapter 11 Bankruptcy with Reorganization Plan

A U.S. bankruptcy judge has approved a reorganization plan signaling the emergence of a Morgantown business from Chapter 11. The plan relies on public financing through tax increment financing and sales tax increment financing bond issuances, which were approved by the Monongalia County Commission. Institutional bond investors in the plan include Goldman Sachs, BlackRock, and Invesco. The plan also accounts for the sale of a major shopping center and a corporate office building, with StanCorp being the high bidder at just over $24.5 million.

The reorganization plan involves the use of public financing mechanisms, including county-approved bonds, to sustain the business through its emergence from bankruptcy. The plan also outlines leadership changes, including the addition of a board of directors and a chief financial officer. The successful execution of the plan hinges on the closing of property sales expected in October.