Oct. 11 (Bloomberg) -- The five resorts foreclosed in January by Paulson & Co. and Winthrop Realty Trust reached agreement with a mezzanine lender affiliated with MetLife Inc. that would permit the Chapter 11 reorganization to continue into September 2012.
Last month the resorts reached an interim agreement with Government of Singapore Investment Corp., the holder of $360 million in mezzanine debt. The Singapore investment fund had been demanding a quick conclusion to the Chapter 11 process begun early this year. The resorts wanted a lengthy reorganization to restructure the business, not a short Chapter 11 case simply adjust the balance sheet.
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