Huge LA landlord to file for bankruptcy

UPI reports:

Los Angeles' largest downtown landlord was preparing Thursday to file for bankruptcy after reporting large fourth-quarter losses, company officials said.

Meruelo Maddux Properties Inc. (NASDAQ:MMPI), which deals largely in industrial real estate and also owns some mixed-use and residential properties, said Thursday several of its subsidiaries have already filed for bankruptcy, the Los Angeles Times reported.

Can you say lower real estate prices?