Cassa Hotel Developer Nears Ch. 11 Exit

Law360, New York (July 19, 2011, 5:41 PM EDT) -- The developer behind New York's newly built Cassa NY Hotel on Tuesday cleared a major stumbling block in its bid to emerge from bankruptcy, negotiating a way to resolve disputes with the hotel's builders.

A deal hashed out over the tables in U.S. Bankruptcy Judge Stuart Bernstein's Manhattan courtroom will largely preserve the right to a quasi-arbitration process that the contractors would have had access to if Waterscape Resort LLC had not filed for bankruptcy.

Wrangling over the particulars of the arbitration issue prevented the restructuring...
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