The Aspen Club & Spa’s intend to emerge from Chapter 11 bankruptcy by getting $140 million in exit funding is drawing opposition from the Colorado Bankers Association, which represents a lot more than 95% of all of the banking institutions into the state.
The fitness club’s request for the funding to satisfy $26.8 million in mechanics’ liens and resume construction on its delayed redevelopment project in a filing made Jan. 24, the Bankers Association claimed a precedent will be set to the detriment of commercial lenders and borrowers if the bankruptcy court blesses.
The Aspen Club & Spa’s appropriate group reacted Tuesday using its very very own brief claiming the CBA’s argument — which it manufactured in the type of an amicus curiae, or friend-of-the-court brief — is unripe since it is centered on conclusions the bankruptcy judge overseeing its instance has yet to accept the exit loan proposition.
The CBA’s brief, for the time being, argued The Aspen Club’s reorganization plan will possibly harm creditors that have current secured finance on its home at 1450 Ute Ave., while establishing a precedent that may affect commercial loan providers industry-wide. 继续阅读“Colorado Bankers Association opposes Aspen Club bankruptcy exit plan”