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River Road Hotel Partners Inc. Seeks Bankruptcy Protection

Another company in Chicago finds itself filing for Chapter 11 bankruptcy and has recently gained approval of its liquidation plan.

River Road Hotel Partners Inc. filed for Chapter 11 bankruptcy when one of its properties, an Intercontinental Hotel by O'Hare Airport, stopped showing profits. After presenting its liquidation plan to U.S. Bankruptcy Judge Bruce Black this week in Chicago, the company received the okay to go ahead with the plan.

This same judge denied an earlier request for that would have prevented Amalgamated Bank from placing a credit bid. This is when a third party or bank bids on the company's assets using what is owed by the company, instead of cash, while the company is filing for bankruptcy. Instead, Black opened up the opportunity for lenders involved in the case to bid.

Since other lower courts have blocked credit bids in the past, River Road may opt to take their case to the Supreme Court to be heard once again.

Bankruptcy is not an easy legal process to go through. If you plan to file for bankruptcy in Illinois, enlist the help of a Chicago bankruptcy attorney who can offer assistance. To get legal assistance during your bankruptcy, contact us today!

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