Hearing to install receiver for World Market building scrapped
A District Court hearing to install a receiver at the World Market Center’s Building A was called off as unnecessary.
The Douglas Wilson Cos. of San Diego took over as receiver for Building B last week and his authority was extended to Building A without opposition. He will represent the interests of investors that hold the $225 million mortgage on Building A and the $345 million mortgage on Building B.
Current management and operations will remain until a final resolution comes for the World Market Center, the giant furniture and furnishings showroom complex that defaulted on its loans last year. The current owners and lenders have come close to a deal for restructuring the World Market Center’s finances, but details haven’t been divulged.
Building C has a separate lender with different terms and deadlines.