The operator of the world’s tallest Holiday Inn hotel filed for bankruptcy after pandemic-related setbacks drove the Lower Manhattan property to default on a $137 million loan.
Golden Seahorse LLC’s Chapter 11 filing Tuesday in the US Bankruptcy Court for the Southern District of New York follows a foreclosure dispute with lenders.
The company owes $87 million to Wilmington Trust, which holds the debt on behalf of investors, including Wells Fargo, according to court papers filed by Jubao Xie, the owner of Golden Seahorse managing member Hysendal USA LLC. Another $50 million tranche of the company’s pre-bankruptcy loan is held ...
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