Business Services Industry
South Florida Resort Hotel at Walt Disney World Files for Bankruptcy.
Knight Ridder/Tribune Business News, February, 2004
By Jerry W. Jackson, The Orlando Sentinel, Fla. Knight Ridder/Tribune Business News
Feb. 5--The Grosvenor Resort at Walt Disney World, weakened by the recent tourism downturn and unable to repay about $51 million in debt, filed this week for bankruptcy reorganization in Orlando
Under Chapter 11 of the U.S. Bankruptcy Code, the 626-room hotel can operate with protection from creditors while it crafts a turnaround plan.
"We intend to repay the debts and be out of bankruptcy soon," R. Scott Shuker, an Orlando bankruptcy attorney representing the hotel, said Wednesday.
"Payroll will be paid; no one will be let go," Shuker said, and the hotel will continue operating as usual, serving guests and taking reservations. It employs 303...
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