COLUMBIA, S.C. (AP) -- The president of a major development firm in South Carolina has filed for bankruptcy protection, according to documents obtained Tuesday by The Associated Press.
Alan Bruce Kahn filed for Chapter 11 protection on Monday, according to court papers. Bankruptcy papers note that Kahn has fewer than 50 creditors and liability valued between $50 million and $100 million. His assets are estimated between $1 million and $10 million, according to court papers.
Since 1968, the Columbia businessman has served as president of the Kahn Development Company, according to the firm's website. He is also chairman of M.B. Kahn Construction Co., Inc., which says online it is the 106th largest U.S. building firm that specializes in industrial, commercial and institutional construction.
Kahn said the financial problems were caused by a drop in property values in recent years. The construction business is still strong and the decision to file bankruptcy was made to make sure all creditors were treated fairly, he said in a statement.
The company has developed properties throughout the Southeast. According to its website, the Kahn Development Company's largest retail and mixed-use project is the Village at Sandhill, a 300-acre development in Northeast Columbia. The complex includes several department stores and more than a dozen restaurants, as well as luxury apartments above the retail areas.
There are plans for more retail, residential and hotel spaces, according to the website. In 2007, the Sandhill project was named as one of the world's top nine large mixed-used centers in 2007 by the International Council of Shopping Centers.
Kahn did not immediately return a message left at his office Tuesday. Two other affiliates — Kahn Family LLC and Kahn Properties South LLC — also filed for Chapter 11 protection this week, according to court documents. Kahn is listed as managing member for both.
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