Despite Chapter 11 filing, company still pursuing Lodge at Aspen approval
ASPEN — The development company that has plans to build a hotel at the base of Lift 1A at Aspen Mountain, known as the Lodge at Aspen Mountain, and filed for bankruptcy last week has $34.6 million in debt and assets worth $31.5 million, according to court documents. The Aspen real estate project has had high visibility with its repeated approval requests and subsequent denials by the Aspen City Council in the past three to four years during the real estate boom. Aspen Land Fund II, which is a subsidiary of Newport Beach, Calif.-based Centurion Partners, owes $22 million to Alpine Bank and $4.9 million to South Aspen Real Estate LLC, which was financed by Goldman Sachs, according to the company’s Denver-based bankruptcy attorney, Harvey Sender. About one dozen creditors are owed money by Aspen Land Fund II, according to the Chapter 11 voluntary petition, filed Friday in U.S. Bankruptcy Court in Denver.
By Carolyn Sackariason, Sept. 29, 2009, AT
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