A U.S. District Court judge has put the former Knox Mill properties in Camden into receivership, a form of bankruptcy in which reorganization is coordinated by a trustee, due to unpaid mortgage bills.
The order, issued March 31, appoints Gray and Associates of Baltimore, Md., as receiver for the properties, which are owned by Maine Investment Properties, also of Baltimore, according to VillageSoup. The order is in response to a March 17 civil action filed by Pittsburgh, Pa.-based PNC Bank, which holds the mortgage to the properties. PNC asked the court to appoint Gray and Associates to manage, operate and sell the properties, claiming Maine Investment Properties and related LLCs owed nearly $20 million in unpaid mortgage bills.
