A national real estate brokerage filed bankruptcy in Florida Southern District Court to restructure nearly $60 million in debt following a slew of state lawsuits over its marketing practices, the South Florida Business Journal reported. Boca Raton-based MV Realty Holdings submitted a chapter 11 petition on Sept. 22 on behalf of all of its entities across 30 U.S. states claiming it owes $58,763,035.80 to three lenders. Its largest creditor is a Monroe Capital credit facility for $40 million, followed by two private credit funds by Goodwood Lenders for a combined $18,763,035.80. The company currently lists its assets between $10 million and $50 million — so it owes more than what it's currently worth. MV Realty said that since last year it has been financially burdened by legal fees associated with lawsuits filed by the state governments of Florida, Pennsylvania, Massachusetts, Ohio, North Carolina, New Jersey and Indiana against the firm and other individual officers and licensed real estate brokers working in connection with its Homeowner Benefit Agreements.
