River Road's Efforts To Block Credit Bidding Denied

Law360, New York (October 6, 2010, 6:58 PM EDT) -- The judge overseeing River Road Hotel Partners LLC's Chapter 11 proceedings has rejected the debtor's attempt to win approval of procedures for the proposed sale of its assets that would have precluded secured creditors from submitting credit bids.

Judge Bruce Black of the U.S. Bankruptcy Court for the Northern District of Illinois signed off on an order denying the debtor's bid procedures motion Tuesday.

The proposed sale would involve stalking horse O'Hare River & Technology Hotel LLC shelling out around $42 million in cash for substantially...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.