Western Courier

Aspen Court filing for bankruptcy

Property manager claims state budget impasse is a contributing factor

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Nicholas Ebelhack, Editor-in-Chief

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Aspen Court tenants received notices this week that the company is filing for Chapter 11 bankruptcy in response to continued financial struggles resulting from prolonged state financial issues.

In a press release, Aspen Court briefed tenants about how Chapter 11 bankruptcy would be affecting the company.

“In response to the letter you received from our legal team regarding the filing of Chapter 11 bankruptcy, Aspen Court LLC (our legal name) is merely restructuring our finances, not unlike United Airlines and General Motors have done,” reads the press release. “The legal process mandates that we notify all of our creditor, current tenants and future tenants by letter from our attorney, hence the reason you received specific correspondence from a third party.”

Aspen Court Property Manager Luan Aten said that the letters tenants received where unexpected.

“By law, apparently our lawyers who represented us for our Chapter 11 filing, notified all of our pending and current tenants and creditors,” Aten said. “We were not given any heads up as to when they were going to do that or how they were going to do that, we just kind of got sort of blindsided by this.”

According to Aten, lower enrollment at Western Illinois University has been a contributing factor to the decision to file bankruptcy.

“Obviously this is related to our once great state’s significant financial issues,” Aten said. “With a decreased year after year enrollment at Western, and as it was significantly off the mark this previous school year, we have had to restructure our finances, and that is absolutely all that declaring bankruptcy affects.”

However, she said that Aspen Court’s services and management will remain at the same quality they always have.

“It still doesn’t affect anything though, we aren’t changing anything about our business model whatsoever,” Aten said. “In a big headache that I have had for the last eight months, this has been the ticket.”

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The independent student newspaper of Western Illinois University. Serving Macomb since 1905.
Aspen Court filing for bankruptcy