Kobra Properties Files for Chapter 11 Protection, Vows to Emerge Even Stronger

Kobra Properties, a real estate development company, based in Roseville, California, has filed for protection through Chapter 11 reorganization, saying the move was needed to honor its financial obligations, protect its employees and restructure the company so it emerges even stronger.

Company officials said the action comes in response to the worsening economic recession, a depressed real estate market and the tightening and tumultuous credit industry, where the rules are changing almost daily.

According to company founder and President Abe Alizadeh:

“Like families, governments and businesses everywhere in the Sacramento area, America and around the world, our company is facing difficult financial challenges.

“In the face of these challenges, we’re taking action so we can fairly honor our financial commitments, protect the thousands of jobs we provide and restructure Kobra Properties so we not only weather the storm, but emerge even stronger.”

The company’s related restaurant operations will not be affected by the company’s Chapter 11 filing.

Contacts

Kobra Properties
Ray McNally
916-447-8186
916-531-5947