Eniva in Chapter 11

Nutritional supplement maker Eniva Corp. has filed for Chapter 11 bankruptcy, delaying a hearing to evict the business from its headquarters in Anoka.

An eviction hearing had been requested because Eniva had fallen behind on its rent, said Arnie Seltzer, president of Results Real Estate Inc., a firm serving as court-appointed receiver for the building. He declined to say how long Eniva had not paid its rent.

Eniva said it was wooed by a north metro real estate group in 2006 to move into the 435,000-square-foot building, the former Cornelius Co. headquarters. At the time, Eniva said it told the group and its lenders that it wanted to use just 100,000 square feet.

Eniva said the group agreed to help provide additional renters and capital and to assist with selling excess land, if needed. But Eniva said the lenders and the real estate group, which it declined to identify, did not meet these assurances.

We have only one goal in this process, to distance ourselves as far away from this group … as possible, Eniva Chief Executive Andrew Baechler said in a statement on Wednesday.

Baechler said Eniva will probably relocate elsewhere in Minnesota.

Eniva said it has $10 million to $50 million in debt and owes money to 200 to 999 creditors, according to court documents. The company lists assets between $10 million and $50 million.

Baechler said the company's key business indicators are strong and he does not anticipate any loss of jobs or growth.

Source: https://www.startribune.com/business/117286948.html

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