Cassa Hotel Developer's Ch. 11 Plan OK'd After Deal

Law360, New York (July 22, 2011, 5:54 PM EDT) -- The developer behind New York's Cassa NY Hotel is on track to emerge from its brief stint in Chapter 11 following the approval of its reorganization plan Friday, three days after negotiating a way to resolve disputes with the hotel's builders.

U.S. Bankruptcy Judge Stuart Bernstein confirmed Waterscape Resort LLC's reorganization plan, which calls for repaying much of the company's debt with proceeds from the $128 million sale of the hotel section of the development. Remaining debt would be refinanced and covered by revenue from condominium...
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