TAMPA — Less than a year after opening their restaurant in downtown Lakeland, the owners of Posto 9 have filed for bankruptcy.

The filing affords Posto 9 Lakeland LLC and Posto 9 Properties LLC protection from creditors while the owners reorganize their business affairs.

Marco Franca, an owner in the restaurant, said Wednesday the filing is a means of reorganizing the company’s debt and isn’t a reflection of its financial stability. He said the restaurant will remain open while the bankruptcy is pending.

“We had some unfortunate disputes with some creditors,” he said. “There had to be a way to reorganize our debt, and this is the path we have chosen to take. This is just a financial reorganization, nothing more.”

In court documents, filed Sept. 6 with the U.S. Bankruptcy Court for the Middle District of Florida, the restaurant lists assets totaling $1.21 million and debts of $4.85 million.

Among the largest debts are a combined $1.93 million to CenterState Bank of Florida in Lakeland, $770,000 to Florida First Capital Finance Corp. in Tallahassee, $347,500 to the Luke-Markee Living Trust in Lakeland and $294,190 to Knight Capital Funding in Dover, Del.

Franca is included among the creditors in the company’s bankruptcy petition, as well. It shows he’s owed an estimated $70,000, including $33,476 in business charges on an American Express account.

The $1.21 million in assets reflects primarily the restaurant’s equipment, including food-preparation equipment.

In a tandem filing, which has been consolidated with the lead bankruptcy case, Posto 9 Properties LLC is seeking bankruptcy protection on debts related to mortgages on real estate associated with the restaurant, including the restaurant’s location at 215 E. Main St. in Lakeland. The petition reflects assets estimating $2.42 million, including the $2.39 million building, along with debts of $3.8 million, most of which also are listed in the primary bankruptcy petition.

A preliminary hearing is scheduled for Oct. 4.

The restaurant’s legal issues extend beyond the bankruptcy case. In a related court action, CenterState Bank has filed a foreclosure lawsuit in Circuit Court in Bartow against Posto 9 Properties, Posto 9 Lakeland, Franca and his wife, Grace, and a list of investors in the business.

No hearings have been scheduled yet in that case, which was filed Sept. 1.

Posto 9, an upscale Brazilian-flavored restaurant, opened in December in downtown Lakeland. The owners closed a rooftop lounge earlier this summer, citing impacts from the Florida heat and rainy weather, but Franca said Wednesday plans call for it to reopen in the fall.

“We have had a great year in Lakeland,” he said, “and we look forward to more.”

Suzie Schottelkotte can be reached at suzie.schottelkotte@theledger.com or 863-533-9070. Follow her on Twitter @southpolkscene.