AF Evans Co., Inc. announced earlier this month that it has filed voluntary Petition for Relief under Chapter 11 of the United States Bankruptcy Code. The goal of the filing is to implement a reorganization of finances to enable the company to return to profitability. According to the company’s statement, AF Evans Co.(AFECo) is filing as a result of falling prices on condominiums recently brought to market. The move is expected to have no impact on the day-to-day operations of the company’s property management subsidiary, Evans Property Management, Inc., and the award-winning senior housing properties in Evans Senior Communities, Inc. AF Evans Development, Inc. will continue to actively pursue selected new residential projects in San Francisco, Oakland, and other core markets.
"The steep decline in the condominium market and illiquid capital markets have led us to restructure AF Evans Co. with the goal of putting the firm back on sound financial footing," said CEO Art Evans. "We remain fully committed to the vision on which the company was founded, to create quality housing for workers, seniors and families, and this reorganization puts us in a better position to weather the downturn without affecting the work being done in our property management and senior housing divisions,” added Mr. Evans. “We have a plan to restore profitability and this filing will enable us to implement it.”
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