Blackhawk Plaza Owner Files For Bankruptcy Amid Mounting Debt, Lawsuits: Reports

DANVILLE, CA — Ramanujan Group, an Orange County real estate company that owns Blackhawk Plaza, filed for Chapter 11 bankruptcy March 18 at the U.S. Bankruptcy Court for the Central District of California, according to court filings and numerous media reports.

Court filings show that the firm owed between $10 and $50 million to various creditors, including over $207,000 in property management and owners association-related debts, and over $112,000 to PG&E, according to reports from Danville-San Ramon and The Street.

The bankruptcy filing allows the Ramanujan Group to retain control of the property, and gives it until June 16 to file a restructuring plan under bankruptcy protection. It also allows the group to temporarily pause foreclosure and a number of lawsuits. Preferred Bank, which provided a $28 million loan in 2020, and Nano Banc, which loaned $5 million in 2024, have filed notices of default, threatening foreclosure of the property, according to reports. Nano Banc also filed a separate lawsuit to put the plaza under receivership and liquidate its assets.

Ramanujan also faces a number of additional lawsuits, including from several tenants who allege that they “ignored maintenance and repair obligations, thus allowing the slow decay of the Plaza.” Jung Dong Choi, the owner of the Blue Sakana sushi restaurant, filed a separate lawsuit last July, alleging the group illegally collected maintenance fees without using them for the required upkeep of the mall, and illegally blocked a planned sale of the restaurant, according to SFGATE.

In late January, Draeger’s Market closed its doors. Owner John Draeger told SFGATE that the decision was motivated by declining conditions at the plaza that the owner would not address.

“Despite our efforts, the landlord has been unresponsive, and we do not anticipate improvements that would allow us to operate successfully,” Draeger said.

In the meantime, the future of the plaza remains unclear. Apple Cinemas recently suspended plans to build a 26,200-square-foot luxury movie theater, citing “uncertainty surrounding the ownership structure of the plaza.”

Residents have expressed concern that the plaza will be converted into housing. Contra Costa County Supervisor Candace Andersen said that as of March 4, no housing plans have been proposed, though future proposals could be accepted under existing land rules.

SEE ALSO:

• Will Housing Be Built At Blackhawk Plaza? County Supervisor Clarifies
• Blackhawk Plaza Movie Theater Opening Suspended Indefinitely