Business Services Industry
Owners of Troubled Phoenix Hotel File for Bankruptcy Protection. (Originated from The Arizona Republic, Phoenix)
Knight Ridder/Tribune Business News, September, 1993 by Turco, Frank
Sep. 10--The owners of the Ramada ,otel in downtown Phoenix, which was in the middle of a multimillion-dollar renovation when it closed last month, have filed for bankruptcy reorganization and protection from creditors.
Inter Financial Group Inc. of Schaumburg, Ill., said in the Chapter 11 proceedings it filed Wednesday in U.S. Bankruptcy Court in Phoenix that it had only $3.6 million in assets to cover liabilities of $5.35 million.
However, Inter Financial attorney Michael Carmel of Phoenix said Thursday that the owners are attempting to raise funds so they can reopen as soon as possible.
"They definitely plan to reopen and operate the hotel again, maybe even within a few weeks," he said.
Most of the debt, according to court documents, is...
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