Creditors Balk At Westin Owner's Ch. 11 Statement

Law360, New York (August 23, 2011, 6:38 PM EDT) -- Several Transwest Resort Properties Inc. creditors objected Monday to the resort owner's disclosure statement for a Chapter 11 plan that calls for the restructuring of a mortgage loan and the investment of $30 million in new capital in the company.

Objections poured into the Arizona bankruptcy court from PIM Ashford Subsidiary I LLC; Ashford Sapphire Acquisition LLC; Grasslawn Lodging LLC; and Westin Hotel Management LP, which operates the resorts owned by Transwest.

Transwest's reorganization plan includes a multiyear property improvements plan that would see $33 million...
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