The Tiber, a stalled luxury condo development at Libbie and Guthrie avenues in Richmond’s West End, has shifted from Chapter 7 bankruptcy to Chapter 11 bankruptcy protection after a buyer of one of the residential units agreed to guarantee a loan to help the project continue.
According to filings in U.S. Bankruptcy Court in Richmond, several buyers of individual units in the 15-unit project are willing to help fund a reorganization of the project. They include Willis Blackwood, a developer who agreed to guarantee a loan to further assist in a reorganization. It was unclear from court filings what the other buyers are contributing.
On Wednesday in Richmond, U.S. Bankruptcy Court Judge Kevin Huennekens granted a request filed by the petitioners, with the consent of the developer, Tiber Partners, to have the project enter Chapter 11, which allows for a reorganization instead of a liquidation of assets that is typical under Chapter 7.
