Hotel Management Firm BPP Files For Ch. 11

Law360, New York (December 22, 2010, 7:26 PM EST) -- Six units of hotel management firm BPP LLC have filed for bankruptcy, fleeing a creditor that threatened to foreclose on their hotels over a $66 million secured claim.

The BPP affiliates of Texas, Wisconsin, Michigan, Minnesota, Illinois and Iowa each filed for Chapter 11 protection on Tuesday in the U.S. Bankruptcy Court for the Eastern District of Texas, citing between $50 and $100 million in debt.

The bulk of it stems from the $66 million claim held by Citizens Bank of Pennsylvania, which has been granted...
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