The Inland Port Files For Chapter 11 -- But, Look, "It's a Balance Sheet Problem," K?
Schutze will be along shortly to explain what this means, exactly -- after all, he's the expert when it comes to all things related to Richard Allen, the man behind the Inland Port, and he just got off the phone with Allen. The reason: The breaking news that DLH Master Land Holding, LLC and Allen Capital Partners, LLC, developers of the 6,000-acre Dallas Logistics Hub, today announced they've filed for voluntary Chapter 11 reorganization. Here's the press release that details the what-for, along with a quote from Allen, which Jim will flesh out as soon as he finds a place to pull over:
"We have a balance sheet problem, not an operational one. The actions we announced today will allow us to resolve that issue," said Richard Allen, chief executive officer of DLH and ACP. "The support we have already received from our lenders and our investors, along with the Chapter 11 filings, will set the foundation for achieving a rational capital structure to support the Dallas Logistics Hub going forward. The unprecedented collapse of the U.S. real estate and capital markets has made it impossible to continue without restructuring our financial obligations. We are confident our restructure plan will enable us to promptly emerge from this process; maximize value for all of our stakeholders; and create a stronger operating platform going forward."