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Bankruptcy Keyed to Levitan, 3rd Ed.
Connecticut General Life Insurance Company v. Hotel Associates of Tucson (In re Hotel Associates of Tucson)
Citation:
165 B.R. 470 (1994)Facts
Hotel Associates of Tucson, an Arizona limited partnership owning a 204-room hotel, filed for Chapter 11 bankruptcy in February 1992. Connecticut General Life Insurance Company was the Debtor’s largest secured creditor, holding a claim of approximately $8.6 million secured by the hotel property. The Debtor had defaulted on its obligation to Connecticut General in 1991 and made no payments since then. Two competing reorganization plans were proposed: one by the Paragon Group (general partners) and another by CRHC (also a general partner). The Paragon Plan proposed to pay Connecticut General’s claim over seven years with interest at prime plus 0.5%, based on a 25-year amortization schedule. The CRHC Plan offered to repay Connecticut General at 10% interest with a 40% participation in net cash flow and sale proceeds. Connecticut General rejected the Paragon Plan but accepted the CRHC Plan. The bankruptcy court confirmed the Paragon Plan, which included a 30-day delay in payment to general unsecured creditors, creating an impaired class that voted to accept the plan.
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