Biz News:

Costa Makers studio to close

After less than a year in business, a creative workspace studio in Westside Costa Mesa is closing.

Costa Makers, at 1638 Babcock St., will close late this month or in early June, the owners announced in an email Monday. They said they want to relocate to Portland, Ore.

“Our experience here in Orange County has been incredible,” the announcement said. “We met amazing people, lived wonderful experiences and learned a lot. We owned our first cars, tried to learn how to surf, spent some time in the desert. And we saw the most beautiful sunsets on the ocean. But we’re creatures of the cold.”

Costa Makers held its grand opening in September, calling itself a “human-scale collaborative space ideal for designers, illustrators, bloggers, writers, photographers and developers.” It also featured handmade decor and furniture that were found in flea markets or bought from artists.

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Costa Mesa debt services firm files for bankruptcy

Morgan Drexen Inc. of Costa Mesa, a debt-settlement and bankruptcy services company, filed for Chapter 7 bankruptcy liquidation last week.

In its bankruptcy filing, the company estimated it has 1,000 to 5,000 creditors, $8 million in assets and $9.9 million in liabilities. It reported that its revenue declined last year to $22.89 million from $34.66 million in 2013.

The bankruptcy filing came the day a federal judge in Santa Ana froze the company’s assets on request of the U.S. Consumer Financial Protection Bureau, which sued Morgan Drexen in 2013, seeking $90.7 million in restitution for about 60,000 consumers who the agency alleges were illegally charged upfront fees for debt-settlement services they didn’t receive.