Judge puts off decision on fate of Norfolk's Wainwright office building

The owner of downtown Norfolk's historic Wainwright office building has until Feb. 7 to come up with a plan to reorganize the company's debt to avoid a foreclosure on the building.

Wainwright Building LLC is an affiliate of Norfolk Property Development LLC, filed for Chapter 11 bankruptcy protection in September to avoid a foreclosure on the property after defaulting on a $7 million loan.

Norfolk firm WBG Financial Investment & Capital LLC sought to foreclose on the property after purchasing the loan from the building owner's original lender.

On Monday, bankruptcy Judge Frank Santoro decided to give the company, which is backed by developers Eric Menden and George Hranowskyj, extra time to come up with a plan to restructure its debt. The judge will consider the plan at a hearing scheduled for April 3.

-- Josh Brown

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