PORT LUDLOW — Executives from a Port Ludlow Associates parent company that filed for reorganization in bankruptcy court in February assured residents Thursday that the action won’t harm their community.
San Francisco-based HCV Pacific Partners LLC President Randall J. Verrue and Chief Financial Officer Troy Crosby attended Thursday’s Port Ludlow Village Council meeting at the Beach Club.
Verrue said he wanted to allay fears that residents have expressed over HCV’s filing for Chapter 11 protection under federal bankruptcy laws.
“Port Ludlow Associates is a completely separate entity,” Verrue stressed.
HCV, through a company called Olympic Pacific Partners, owns only 1 percent of Port Ludlow Associates, he said.Because of that fraction, residents should breathe easy that the company can uphold its commitments to Port Ludlow, Verrue said.