In re Provo Gateway, LLC (Bankr. D. Utah) Case no. 11-31259
Provo Gateway, LLC recently filed for Chapter 11 bankruptcy and, although no sale has been announced, the Debtor’s assets may be available for acquisition under the right circumstances. The Debtor’s assets consist of holding and managing real property that is occupied by commercial tenants. The Debtor owns a shopping center property known as Gateway Shopping Center located at 1700 North State Street in Provo, Utah, valued by the Debtor at $7.4 million. There are nine commercial lease tenants on the property. The Debtor’s personal property consists of accounts receivable booked by the Debtor at $125,463. The Debtor’s income for 2010 was $610,69; for 2011 to date it is approximately $332,000.