Cross border insolvencies and financial restructurings are remarkably opaque considering we live in the Information Age. The mission of the Centre of Main Interest (the COMI) is to light some candles in the darkness and create a forum for further discussion. The Law Offices of Tally M. Wiener, Esq. are pleased to publish the COMI blog.
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Saturday, August 23, 2014
Canyon Ranch in Miami Beach draws $22M winning bid in bankruptcy auction
A Chicago-based private equity firm submitted the winning bid for part of the Canyon Ranch Hotel & Spa in Miami Beach in a bankruptcy auction.
Z Capital Partners won the Aug. 19 auction with a bid of $21.6 million, which was well above the stalking horse bid of $12 million by Montreal-based 360 Vox LLC. It would also be enough to repay the estimated $17.3 million in liabilities in the debtors’ case.
The results of the auction will be up for approval on Sept. 12 before Bankruptcy Judge Shelley C. Chapman in New York.