2 NYC Luxury Hotels Check In To Prepack Ch. 11

Law360, New York (May 22, 2012, 12:39 PM EDT) -- The owners of debt-laden New York City hotels Alex Hotel and Flatotel filed for prepackaged bankruptcy on Monday, four months after their lenders won foreclosure judgments in New York state court.

Alex Hotel and Flatotel — owned by 205 East 45 LLC and EALC LLC, respectively — filed separate Chapter 11 petitions in New York federal court. Alex Hotel listed assets of $46 million and debts of $131 million, while Flatotel listed assets of $192 million and debts of $270 million.

The midtown Manhattan hotels, both...
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