Opportunities In Distressed Hotel Investing/ Recent Lodging Chapter 11 Filings

Below, please find an article regarding the purchase of distressed hotels.  From Hotels Magazine.  By  Dean Gloster is a partner and Gary Kaplan is special counsel at Farella, Braun + Martel LLP, a San Francisco law firm.

http://tinyurl.com/yceofe5

For your convenience, we have attached a list of recent lodging chapter 11 filings.  To subscribe to our chapter 11 notification service, please contact Ken at [email protected].  Receive updates daily, weekly or monthly, customized by industry, jurisdiction or asset size.

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Mega Brands Inc. Files For Chapter 15

Debtor Name:  Mega Brands Inc.

Year Filed:  2010

Jurisdiction:  United States Bankruptcy Court / District of Delaware

Asset Size:  100,000,001 to 500,000,000

Case Number:  10-10485

Industry:  Entertainment/Recreation, Chapter 15 Proceeding, Manufacturing

The Montreal-based debtor is a global supplier of building sets, art materials, games and puzzles.  They employ approximately 1400 people with more than half in Canada.

According to the CFO's Declaration, "the Company has experienced several operational challenges to its business, translating into declining sales and gross margins, numerous charges and write-offs, and negative publicity stemming from product recalls".  In addition to stagnation of the toy industry and fluctuations in the prices of raw materials,  the global recession "further exacerbated these challenges, as a precipitous decline in consumer spending during the Company's peak toy-selling season curtailed an anticipated recovery."

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STAR I, LLC Files For Chapter 11

Debtor Name:  Star I, LLC

Year Filed:  2010

Jurisdiction:  United States Bankruptcy Court / Eastern District of Washington

Asset Size:  Less than 10,000,000

Case Number:  10-00864

Industry:  Real Estate

The debtor owns commercial real estate in Washington and Montana.  The schedules list assets of $5.6 million.

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Central Crossings Business Park Building II, LLC Files For Chapter 11

Debtor Name:  Central Crossings Business Park Building II, LLC

Year Filed:  2010

Jurisdiction:  United States Bankruptcy Court / District of New Jersey

Asset Size:  10,000,000 to 100,000,000

Case Number:  10-14578

Industry:  Real Estate

Jersey City-based debtor lists $10-$50 million in assets and liabilities.

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