Long Island real estate holding company Giapreet LLC filed for Chapter 11 bankruptcy Thursday in New York, disclosing just over $35 million in liabilities against roughly $26.8 million in assets, primarily in real property.

Voluntary Filing Signals Strategic Restructuring

In court papers, Mardeep Singh, a member of Giapreet LLC, stated it is “in the best interest of this corporation to file a voluntary petition.” The company offered no further explanation for the filing, and a representative did not respond to requests for comment Friday.

Despite the bankruptcy, Giapreet plans to continue operations as a landlord, signaling intent to maintain cash flow and preserve asset value during restructuring.

Creditors and Contracts Detailed in Filing

The company has fewer than 50 creditors. Secured claims include Hanover Bank with approximately $10 million and Newtek Bank with about $6.8 million, according to the petition.

Executory contracts and unexpired leases listed include:

• BNS Industries Inc. – 29 months

• GIP Industries – 29 months

• Homans Associates – 48 months

These agreements may influence ongoing operations and restructuring strategies.

Revenue Decline Highlights Financial Pressure

Giapreet reported gross revenue of $1.6 million this year through the filing date, down from $2.7 million last year and $2.96 million in 2023, reflecting a declining revenue trend that may have contributed to the Chapter 11 move.

Bankruptcy Proceedings and Legal Representation

The case was assigned to U.S. Bankruptcy Judge Louis A. Scarcella. Giapreet is represented by Marc A. Pergament of Weinberg Gross & Pergament LLP, who will guide the company through the reorganization process.

The filing sets the stage for Giapreet to restructure its obligations while maintaining operational control, a delicate balancing act for any real estate holding amid declining revenue.