River Road's Ch. 11 Exclusivity Zapped

Law360, New York (September 3, 2010, 3:45 PM EDT) -- A federal judge has nixed River Road Hotel Partners LLC's exclusive right to propose a Chapter 11 plan following a claim by a construction lender owned by creditor U.S. Bank National Association — which is owed $161 million — that the debtors' plan and related bidding procedures suffered from “numerous and incurable defects.”

In a ruling Aug. 30, Judge Bruce W. Black of the U.S. Bankruptcy Court for the Northern District of Illinois granted Longview Ultra Construction Loan Investment Fund's request to terminate River Road's exclusivity,...
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