News & Analysis as of

Resorts & Restaurants Commercial Bankruptcy

White & Case LLP

Relaxation not an option for leisure and hospitality sectors

White & Case LLP on

The COVID-19 lockdown forced restaurants, hotels, gyms, theaters and casinos to shut their doors and put balance sheets under extreme strain, but some have tapped debt markets to see them through - The availability and...more

Jones Day

Eroding the Majority Rule: Another Circuit Concludes That Lease Can Be Extinguished in Free-and-Clear Bankruptcy Sale

Jones Day on

The ability of a trustee or chapter 11 debtor-in-possession ("DIP") to sell bankruptcy estate assets "free and clear" of competing interests in the property has long been recognized as one of the most important advantages of...more

Kramer Levin Naftalis & Frankel LLP

Ninth Circuit Joins “Minority” of Courts That Allow Property to be Sold in Bankruptcy Free and Clear of Leaseholds

The Ninth Circuit recently held, in Pinnacle Rest. at Big Sky, LLC v. CH SP Acquisitions, LLC (In re Spanish Peaks Holdings II, LLC), No. 15-35572, 2017 U.S. App. LEXIS 12526, 2017 WL 2979660 (9th Cir. July 13, 2017), that a...more

Morris James LLP

Bahamas Resort Baha Mar Files For Bankruptcy in Delaware

Morris James LLP on

On June 29, 2015, Baha Mar Ltd, the development company behind a $3.5 billion Bahamian resort and its affiliated debtors, filed for chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in the U.S. District Court of...more

Troutman Pepper

Loan to Own: A Potpourri of Bankruptcy Attacks

Troutman Pepper on

Colony Beach & Tennis Club Ass’n, Inc. v. Colony Lender, LLC (In re Colony Beach & Tennis Club, Inc.), 508 B.R. 468 (Bankr. M.D. Fla. 2014) – Three affiliated debtors (RMI, CBTC and CBI) proposed a plan of...more

Cooley LLP

Sbarro LLC Confirms Plan of Reorganization

Cooley LLP on

On Monday, May 29, 2014, the United States Bankruptcy Court for the Southern District of New York approved Sbarro LLC’s plan of reorganization, paving the way for the pizza restaurant chain to exit bankruptcy. Sbarro filed...more

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