SHERMAN OAKS, Calif.--(BUSINESS WIRE)-- Woodbridge Group of Companies, LLC and certain of its affiliates and subsidiaries (together “the Company” or “Woodbridge”), today announced that the Company has taken decisive steps to transition the real estate development business away from an individual investor model to institutional financing sources in support of the restructuring of the business.
Specifically, the Company is reducing and restructuring its sales and marketing team. The Company issued notices pursuant to the Worker Adjustment and Retraining Notification ("WARN") Act to approximately 84 sales and marketing employees in its Los Angeles, Florida, and Connecticut offices.
“Today’s announcement is testament to new management’s commitment to ensuring Woodbridge emerges from its restructuring with a strong and stable financial structure anchored by institutional financing sources,” said Larry Perkins, Chief Restructuring Officer of Woodbridge. “With the backing of Hankey Capital and the permission of the Court, we are continuing development of our portfolio of assets, which in turn will ensure maximum recovery for our investors and other creditors.”
On December 4, 2017, Woodbridge filed voluntary Chapter 11 petitions in the Bankruptcy Court for the District of Delaware to facilitate a debt recapitalization and better position the business for long-term growth and success.
Woodbridge investors can visit http://dm.epiq11.com/#/case/woodbridge/info or call toll-free in North America 855-590-2141 or toll-free outside of North America at 503-520-4477 for additional information pertaining to investments. Court filings and other information related to the restructuring are available at www.gardencitygroup.com/cases/WGC or by calling toll-free at 888-735–7613.
Gibson Dunn & Crutcher LLP is serving as legal advisor, SierraConstellation Partners LLC is serving as chief restructuring officer and financial advisors, and Beilinson Advisory Group is serving as independent management to the debtors.
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Source: Woodbridge Group of Companies, LLC