Bankruptcy at heart of $1.46 billion hotel deal including La Quinta

Bankruptcy Costs Weighing on AMR's Profits

Although the California hotel recovery is in full bloom with rising room rates and occupancy, signs of the bad old days during the last economic downturn were still in evidence as a report showed that one of the states largest hotel sales of the year was based on a bankruptcy. The government of Singapores sovereign wealth fund bought the 2,000-acre La Quinta Resort & Club out of bankruptcy in February from New York hedge fund Paulson & Co. and Winthrop Realty Trust of Boston, according to consulting firm Atlas Hospitality Group. QUIZ: How much do you know about California's economy? The 796-room La Quinta, which boasts five golf courses, 23 tennis courts and 535 fireplaces, was one of four hotels sold in a package to the Singapore fund. The luxurious inn -- it also has 41 swimming pools -- was valued at $109 million in a breakdown of the $1.46 billion transaction. Also included in the deal were the 279-room Claremont Hotel Club & Spa in Berkeley valued at $511 million, the 780-room Grand Wailea Resort & Spa in Wailea, Hawaii, and the 740-room Arizona Biltmore & Spa in Phoenix. The hotels in La Quinta, Wailea and Phoenix are operated by Waldorf Astoria Hotels & Resorts.
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How bankruptcy can help with unpaid Chicago traffic tickets

The strong July numbers suggest that American isnt dependent on the merger to survive. The entire view website industry has been buoyed recently by falling fuel prices and higher travel demand. That helped all of the major airlines report strong second-quarter results this year. By contrast, in the entire second quarter American made $357 million. It spent $124 million of that, or 35%, on restructuring. The company said Monday it expects to continue to report at least another $15 million a month in such charges as it languishes in Chapter 11 bankruptcy protection, based on assuming that it will pay fees of $500,000 a day. They will continue to impact the business as long as we are in chapter 11, said a company representative.
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So, it is very important to get sound and knowledgeable legal advice when facing a situation like this. Under Chapter 7 bankruptcy, an individual's dischargeable debts are eliminated. In a chapter 7, he unpaid traffic tickets will not be discharged. It simply gives debtors time to reorganize their finances, and address the outstanding balances in an effort to keep their driving privileges. This would all need to be addressed in about 60 to 90 days. Oftentimes, however, many drivers owe more in tickets/tolls that they could pay back over the course of 60 to 90 days and therefore, usually, a Chapter 13 bankruptcy will be a better option. The main advantage of filing under Chapter 13 for those facing a suspension of a driver's license is the immediate protection offered by the automatic stay.
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Texas Lets Company Near Bankruptcy Expand Mines

Despite Luminant's cash crunch and crushing debt, the Texas Railroad Commission, which oversees mining permits, has allowed the company to expand its operations. Even with bankruptcy looming, Texas has granted the company a new permit to self-bond as it expands a mine in the Tatum area. The only caveat: Luminant must produce an unaudited financial statement every 90 days. Some environmental groups such as the Sierra Club are worried that might not be enough. They fear if the company is forced to shut down power plants or mining operations in a restructuring, it might not have the millions of dollars needed for restoration.
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