Bankrupt Miami Condo Works Out Deal With Unit Owners

Law360, Miami (January 15, 2013, 9:36 PM EST) -- The previously sparring condominium owners associations and the bankrupt operators of Miami hotel and condominium development One Bal Harbour settled on a chief restructuring officer Tuesday and set out a plan to work together during the Chapter 11 restructuring process.

In a ruling from the bench, U.S. Bankruptcy Judge Robert A. Mark approved the agreement, which appoints Algon Group as chief restructuring officer for Elcom Condominium LLC and Elcom Hotel & Spa LLC.

Under the terms of the agreement, the residential association and the hotel condo...
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