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.
