Puig’s bankruptcy may be one of many more to come [South Florida]
Condo converter Puig Inc. is a casualty of the housing downturn. Some think the Hialeah company’s bankruptcy may be one of many more to come.
Since South Florida’s raucous real estate party ended, the hangover has taken different forms — sales plunging, foreclosures rising, lawsuits flying.
Now, a Hialeah condo conversion company has gone bankrupt in one of the biggest bankruptcy cases yet to come out of the soured housing market.
Puig, a private condo conversion company in Hialeah, is seeking protection from creditors who claim they were stiffed for nearly $120 million. Founder Juan Puig relinquished operations to corporate turnaround specialist Ron Glass in April, and lawyers are set to return to U.S. Bankruptcy Court in Miami today.