NJ City-Owned Hotel Eyes Ch. 11

Law360, New York (August 30, 2013, 7:49 PM EDT) -- A city-owned hotel in Trenton, N.J., could be headed to bankruptcy soon after its governing body authorized a Chapter 11 petition Thursday to reorganize $30 million in debt, moving toward an eventual sale of the troubled facility, officials said.

The shift came as the management company of the onetime Trenton Marriott Downtown projects an $880,000 deficit by year's end, according to Gregory Johnson, an attorney for Lafayette Yard Community Development Corp.

The city effectively created the Lafayette Yard corporation and guaranteed the hotel's bonds, but the...
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