Law360, New York (June 14, 2011, 5:57 PM ET) -- River Road Hotel Partners LLC objected in Illinois on Monday to a Chapter 11 plan proffered by lenders Amalgamated Bank and the U.S. Bank National Association, arguing that the proposal asks it to accept far too much liability.
The lenders and other creditors plan to sell off River Road's luxury hotels in Chicago and Los Angeles to pay down the company's debt, but the properties must first be turned over to a "plan transferee." The plan calls on River Road to then fire all the hotels'...
River Road Objects To Lenders' Ch. 11 Plan
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