AUSTIN (Austin Business Journal) — Nate Paul‘s World Class Holdings has filed for Chapter 11 bankruptcy protection for one of its largest and most prominent properties: the massive former 3M campus in Northwest Austin.
The Jan. 7 filing in U.S. Bankruptcy Court for the Western District of Texas shields the 1.3 million-square-foot campus at 6801 River Place Blvd. from foreclosure. World Class has been feuding over the site with a lender, Tuebor REIT Sub LLC, since World Class defaulted in August on a $64 million loan.
A foreclosure sale had been scheduled for the afternoon of Jan. 7 on the steps of the Travis County Courthouse.
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