Resort Co. Files For Ch. 11 As Lenders Seek Receiver

Law360, New York (November 19, 2010, 5:45 PM EST) -- The owner of Westin Hilton Head Island Resort in South Carolina and Westin La Paloma Resort and Country Club in Tucson, Ariz., has filed for bankruptcy as its lenders, JPMorgan Chase & Co. affiliates, look to secure a receiver.

Transwest Resort Properties Inc. filed for Chapter 11 in the U.S. Bankruptcy Court for the District of Arizona on Wednesday, indicating assets worth between $10 million and $50 million and debt worth between $100 million and $500 million.

Quarles & Brady LLP attorney Kasey Nye filed the...
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