Article: Partnership's Bankruptcy Filing Stops Sale of Lexington, Ky., Building.

Knight Ridder/Tribune Business News

Aug. 11--The partnership that owns the Strand Building filed for Chapter 11 bankruptcy yesterday just 30 minutes before the downtown office building was to be sold at a court-ordered auction.

The legal maneuver blocked the sale at least temporarily and gave Strand Properties Ltd. more time to try to refinance its $2.26 million mortgage from Reliastar Life Insurance Co.

"We regret having to do it," said Joe Graves, Strand's general partner. "We were negotiating (with Reliastar) last night and again this morning. By filing Chapter 11, we have more time to reach a settlement."

Graves said he and his partners plan ...

Related newspaper, magazine, and journal articles:

 
 
Newsweek Harper's Magazine The Washington Post Chicago Tribune Crain's Chicago Business PRNewswire Pediatric News The Nation Advertising Age The Economist (US) A FREE trial gives you access to over 80 million articles! Access over 6,500 publications with a FREE trial!