Days after Milwaukee-based short-term rental startup Frontdesk Inc. fired most of its workforce, it began a bankruptcy alternative that’s intended to help it repay its creditors.
Frontdesk’s liabilities totaled at least $14.59 million as of Nov. 30, 2023, according to a receivership petition filed Jan. 5 with a Milwaukee County circuit court. It owes $6.34 million to SWEL2 LLC, its first-position lender and an entity registered by William La Macchia, who is one of its investors.
Frontdesk shut down its short-term rental management business after laying off more than 100 workers last week, Frontdesk CEO Jesse DePinto said in a LinkedIn post Tuesday.
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