Creditor looking to buy bankrupt Grand Soleil, casino property
by Associated Press
Published: April 2,2012
Tags: bankrupt, bankruptcy, casinos, Commercial Real Estate, gambling, gaming, hospitality, hotel, lodging, real estate, tourism, tourists, visitors
NATCHEZ — Bankruptcy court filings show that a creditor is buying the Grand Soleil Hotel and proposed casino property for about $5.6 million.
The Natchez Democrat reports RJB Financing, LLC will pay with about $4.1 million cash and a $1.5 million letter of credit.
In May 2011, businesses reportedly owed a total of $1.6 million petitioned to force Grand Soleil into involuntary Chapter 7 bankruptcy. The resort began voluntary Chapter 11 reorganization in bankruptcy court in August.
Grand Soleil’s bankruptcy proceedings followed recent years of financial woes and a failed attempt to develop a casino.
Rick Lindsley, CFOof Grand Soleil, LLC, says that for now, the hotel will operate as usual and will soon be renamed Vue Hotel and Restaurant.
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