Atherton-Newport Investments LLC, an Irvine-based apartment owner that counts a number of professional athletes as investors, said on Thursday it had filed for Chapter 11 bankruptcy.
The filing, made in the federal bankruptcy court in Santa Ana, was prompted by one of Atherton-Newport’s creditors, the company said. The bankruptcy filing says the company counts $10 million to $50 million of both assets and liabilities.
Prominent creditors listed in the bankruptcy filing include Los Angeles Angels of Anaheim slugger Vladimir Guerrero, Etan Thomas of the NBA’s Washington Wizards, and Nikolai Khabibulin of the NHL’s Chicago Blackhawks.
Atherton-Newport, formed in 2001, says it currently controls about 5,000 apartments in Las Vegas, Phoenix, Seattle and South Florida, as well as two housing developments in Southern California.
The company says it expects to continue to operate normally throughout the Chapter 11 process.
The filing marks the second notable bankruptcy filing for an area apartment owner and investor.
In October, Real Estate Partners Inc. of Irvine filed for Chapter 11 bankruptcy after charges of securities fraud were leveled against the company and its executives.
