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Poffel & Walker files Ch. 11, holds $25.7 million in debt. (real estate development firm)

Baltimore Business Journal

Another of the region's late 1980s land speculators and developers filed for bankruptcy protection last week, after racking up more than $25.7 million in debts.

Poffel & Walker Inc., a Towson real estate development firm, filed for Chapter 11 protection from its creditors on Nov. 14. The firm's filing lists assets of $2.6 million and liabilities of $25.73 million.

Among Poffel & Walker's substantial creditors are nine of the area's major commercial lenders, including Sovran Bank/Maryland, Mercantile-Safe Deposit & Trust Co., First American Bank, Maryland National Bank and Chevy Chase Federal Savings Bank.

The firm's two largest creditors, Sovran Bank and …

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