CHARLOTTE — Quantum Development Charlotte — the ownership group behind Cantina 1511 — is facing a possible Chapter 7 liquidation after efforts to reorganize under bankruptcy protection have faltered.
The U.S. Bankruptcy Administrator for the Western District of North Carolina filed a motion in October seeking to dismiss Quantum’s Chapter 11 case — or convert it to Chapter 7, if that is in the best interest of creditors.
The motion cites continuing loss or diminution of the estate and the absence of a reasonable likelihood of rehabilitation; gross mismanagement of the estate; failure to comply with an order of the court; and failure to timely file complete and accurate reports.
Quantum is seeking to have its amended reorganization plan adopted by the court.
“We’re trying to do the best we can under the circumstances,” says Dick Campbell, president and CEO of Quantum.
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