MPG Terrapin Files for Bankruptcy

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MPG Terrapin Ltd, a subsidiary of Prestige Group has filed for Chapter 11 bankruptcy in a bid to reorganize its operations and finances. This move to file for bankruptcy is done largely to try to hold on to a major shopping center worth about $37.2 million located in Margate, just 20 minutes northwest of Fort Lauderdale. The shopping center in question is the Coral Landings III, a massive 115,000 square foot retail center whose tenants include well known names like Best Buy Co. Inc., HomeGoods from TJX Cos. Inc., and Jo-Ann Stores Inc. The mortgage holder of the shopping center has been Wachovia Bank, a subsidiary of Wells Fargo & Co. since 2006.

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