B
altimore developer Brandon Chasen has agreed to enter bankruptcy after a "painful and profound" chapter in his business career. A petition filed by three creditors - Sandy Spring Bank, Ferguson Enterprises LLC, and Southland Insulators of Maryland Inc. - led to the decision. Instead of contesting the move, Chasen's attorney Adam Freiman stated that his client had agreed to voluntarily proceed with Chapter 7 liquidation bankruptcy.

    U.S. Bankruptcy Judge Nancy V. Alquist granted the request on Wednesday, requiring Chasen to file information about his assets and liabilities by August 13. In a rare statement, Freiman said Chasen's company faced "overwhelming debt" and is committed to paying back creditors. He attributed the decline of Chasen Cos. to an unprecedented combination of external pressures, including the COVID-19 pandemic, supply chain disruptions caused by the collapse of the Francis Scott Key Bridge, and soaring interest rates on commercial loans.

    Freiman pushed back against unsubstantiated allegations of mismanagement, stating that Chasen has not attempted to hide assets or evade legal responsibility. He added that Chasen stopped taking a salary and benefits when it became clear the business could not survive. "Mr. Chasen remains focused on seeing this process through with dignity and honesty," Freiman said. "Once this process concludes, he hopes to apply the lessons learned to build again, contribute again, and demonstrate redemption and renewal are possible."