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The bankrupt owner of an under-construction hotel in Coachella, Calif., told a judge on Thursday that a motion for the appointment of a Chapter 11 trustee made by its secured lenders was unwarranted because it has a plan to pay all creditors in full while completing the project.
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Troubled Coachella Hotel Project Files Bankruptcy Amid Lawsuit The developer, Glenroy Coachella LLC, filed for Chapter 11 protection after the project’s manager has faced allegations of fraud. Bloomberg | Feb 16, 2021
(Bloomberg) The owner of a lavish hotel development near the site of Coachella, the famous California music festival, has filed for bankruptcy after lawsuits and delays stymied its plans.
Glenroy Coachella LLC, which owns the Hotel Indigo development, sought Chapter 11 protection in Los Angeles on Monday, according to a bankruptcy petition. The entity listed assets of $50 million to $100 million and liabilities of $10 million to $50 million.
The bankruptcy filing comes after Stuart Rubin, manager of the project, faced a lawsuit from his business partner, Gary Stiffelman, for $50 million amid allegations of “incompetence and fraud,” according to the Palm Springs Desert Sun. The lawsuit alleged that the development spent two separate budgets of $25 milli
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