Longtime Naperville developer struggles to reorganize

Moser Enterprises Inc., a family-owned company that became legendary for helping to develop Naperville, is fighting to reorganize under Chapter 11 bankruptcy, with $16 million in debt amid one of the worst real estate downturns in history.

Still, Moser President and CEO John Zediker, who also is a DuPage County Board member, remains optimistic despite the fact that his last-standing employee, the company accountant, is all that's left to handle Moser and its stakes in 17 other companies. Those companies include Naper Place, a mixed-use development in downtown Naperville, as well as other buildings and housing developments.

"Our plan is to sell some of our partnerships and investments in the various projects and companies or turn them over to the bank," Zediker said.

The company, which filed for Chapter 11 reorganization in U.S. Bankruptcy Court on May 27, has watched many of its own customers, homebuilders, go out of business during the economic downturn, Zediker said.

"We were trying to keep up, but then we were notified that our line of credit would not be renewed," Zediker said.

Moser Enterprises owed about $15 million, plus interest and fees, through FirstMerit, which recently acquired Midwest Bank & Trust. Zediker said Moser is still working with FirstMerit to reach an agreement.

The late James Moser was a well-known businessman and philanthropist in Naperville, perhaps best remembered as a co-founder of the Riverwalk, which is now considered the city's crown jewel. Moser also made significant contributions to the DuPage Children's Museum, was instrumental in the construction of Safety Town and helped build the Pre-Emption House at Naper Settlement.

Moser became owner and CEO of Moser Lumber in 1969. In its heyday, the lumber business had hundreds of employees, but it was later sold.

In 1986, he established Moser Enterprises Inc. land development company, which at most had about a dozen employees. The founder's four children - Kate Ontko, Matt, Mitch and Porter Moser - all remain on the company's board of directors.

The company was involved in the development of Old Sawmill, Winding Creek, Ashbury, Breckenridge, High Meadow, Saddle Creek, Harvest Glen and Harmony Grove subdivisions.

Some current projects include Grande Park in Plainfield, Grande Reserve in Yorkville, Hanneberry Woods in Kendall County, among others. They will continue to be developed, Zediker said, because partners who are unaffected by the Moser bankruptcy will continue the work.

•Daily Herald Staff Writer Melissa Jenco contributed to this report.