The bankrupt owner of a pair of Chicago hotels settled with lenders over $19.4 million in defaulted loans, postponing debt collection and lowering interest rates in exchange for immediate payments.
The settlement among BY Hotel SPE-3 LLC’s principal officers, Su-Mei Yen and her husband Hui-Hsien Yen, and lenders APF-CPX I LLC, Access Point Financial LLC, and HDDA LLC, pushes back loan maturity dates to May 2027 and reduces interest rates to 5%, according to a Wednesday motion to approve the deal in the US Bankruptcy Court for the District of Delaware.
BY Hotel and its affiliates, which operate Hilton and ...
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