A hotel near the Las Vegas Convention Center is in bankruptcy. The Blair House Suites owner filed for Chapter 11 bankruptcy reorganization. If your business is in trouble and you think bankruptcy reorganization could help, contact a bankruptcy lawyer in Las Vegas.
Under Chapter 11, Title 11 of the Unites States Code, a debtor proposes a plan of reorganization to keep its business alive and pay off its creditors over time. In most cases, the debtor continues to operate their business as a debtor in possession, but is subject to judicial supervision. A bankruptcy lawyer in Las Vegas can help you maintain your business and reorganize your debt.
Clark County is owed about $554,000 for property taxes, and is one reason Michael Talbott, the manager and part owner of the property’s parent company said he was forced to file for this Vegas bankruptcy.
Talbott’s court declaration said that because of the recession, the hotel had trouble meeting debt obligations and defaulted on a mortgage in which $9.5 million is now due. Talbott claims the hotel is cash flow positive and that income is currently exceeding operating expenses. The company plans to restructure the mortgage note to help enable it to pay the property taxes.
For more information about the bankruptcy Las Vegas hotel filing, go to http://www.loansafe.org/hotel-near-las-vegas-convention-center-in-bankruptcy. To find out more about Chapter 11 bankruptcy reorganization visit United State Court website at http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter11.aspx/ or contact a bankruptcy lawyer in Las Vegas.
Shumway Van & Hansen always offers free consultations and often times can schedule an appointment within 24 hours. For more information about filing a Chapter 11 bankruptcy in order to preserve your business please continue to utilize www.shumwayvan.com, call us at (702) 478-7770, or stop by our offices which are located at 8985 S. Eastern Ave, Suite 100, Las Vegas Nevada 89123. We look forward to hearing from you soon.