Bankrupt BPP Fights Receiver Plan After Hotel Selloff

Law360, Dallas (November 18, 2013, 9:22 PM EST) -- Bankrupt hotel operator BPP LLC and creditor Citizens Bank of Pennsylvania dueled in Texas bankruptcy court Monday over whether BPP’s failure to sell off hotel assets under its reorganization plan should justify the appointment of a receiver.

Citizens Bank on Nov. 8 sought to reopen a Chapter 11 bankruptcy case, claiming BPP has failed to meet agreed deadlines to sell off its 22 budget hotel properties and requesting that hospitality ownership and advisory firm GF Management be appointed as a receiver to operate and sell the...
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