Coudert Bros struggles with $11m debt

Disbanding firm Coudert Brothers is struggling to pay debts estimated at more than $11m (£6.2m) after the sale of the firm's most valuable assets.

Creditors including JP Morgan Chase and Citibank are lining up for payment, as the firm hives off its international network offices.

It is understood that the firm, which will disband before the end of the year, still holds loans estimated at $11m with both banks.

This amount has been decreased by the firm's agreement with Baker & McKenzie to sell its New York office lease, the office's work-in-progress and other assets for around $10.3m (£5.8m).

The firm also faces a lawsuit from San Francisco Cannery for $200,000 (£113,000) in unpaid rent, plus $15m (£8.5m) if it defaults on its 10-year lease.

Coudert's special situations committee is coordinating the debt payments, including the office disposals.

Coudert was unavailable for comment.