Judge Urges Hotel to file for Bankruptcy

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Last week US Supreme Court judge Richard C. Kloch Sr. urged the owners of Barton Hill Hotel to file for bankruptcy. However, the hotel’s attorneys say that they are fighting to prevent that by getting a major hotelier to buy up the Lewiston facility.

In the meantime, the Iddleson Group, who holds a delinquent mortgage on Barton Hill hotel, applied to send the hotel into receivership but the move was not approved by Judge Kloch. Being under receivership would entail handing over all of Barton Hill’s revenue’s to the Iddlesson Group less the commission to the receiver. The hotel owes the Iddleson Group more than $9 million, including interests and late fees.

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Published In: Bankruptcy Updates, Finance & Banking Updates, Mergers & Acquisitions Updates, Commercial Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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