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Neither Meruelo Nor Maddux

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Meruelo and Maddux are both out at Downtown development firm Meruelo Maddux as a bankruptcy reorganization plan takes effect today. The Downtown News reports that under the agreement, there's a new CEO at the company (Martin Caverly, most recently with LA-based Hackman Capital) and $23.6 million in new equity from investors. The paper says a name change is likely (makes sense) and the firm could sell the Union Lofts and other Downtown buildings. Pictured: the building formerly known as Meruelo Maddux's 717 W. Ninth [Downtown News]