Tuesday, August 7, 2012
LITTLE ROCK Jonesboro developer Bruce Burrow is seeking Chapter 11 bankruptcy protection for debts that his filing says are between $50 million and $100 million.
The preliminary filing was made July 30 and must be completed by Aug. 14.
Arkansas Business reported Burrow listed assets of between $10 million and $50 million.
Burrow, who developed the Mall at Turtle Creek in Jonesboro, lists 20 unsecured creditors and all of them are banks. The banks have filed claims totaling $53 million against Burrow.
Burrow’s office didn’t immediately respond to an e-mail request for comment. He earlier told Arkansas Business that when the economy went down he was left with too much vacant space. Several lenders filed foreclosure papers prior to the bankruptcy reorganization filing.