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Bankruptcy Keyed to Epstein 6th Ed.
In re Couture Hotel Corp.
Citation:
536 B.R. 712 (2015)Facts
Couture Hotel Corporation owned and operated two hotels: a Howard Johnson in Corpus Christi and a Wyndham Garden Inn in Dallas. The company was owned by John Blomfield (70%) and Shelby Weaver (30%). After experiencing financial difficulties due to unsuccessful branding efforts, personal tragedies affecting management, and economic challenges, Mansa Capital, which held a secured claim of approximately $9.3 million against the Dallas Hotel, declared default and attempted to foreclose. The Debtor filed for Chapter 11 protection to prevent the foreclosure. The Debtor’s proposed plan would pay all creditors in full with interest, with Mansa receiving 59 equal monthly payments followed by a balloon payment in month 60, based on a 30-year amortization and a 4.25% interest rate. The plan also included a temporary injunction preventing creditors from pursuing guarantors while the plan was not in default. Mansa objected to the plan on multiple grounds, including the proposed interest rate, which it argued should be 10.38%, and the third-party injunction. The court heard extensive expert testimony regarding the appropriate interest rate methodology and the feasibility of the plan.
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