Colorado Bankers Association opposes Aspen Club bankruptcy exit plan

Colorado Bankers Association opposes Aspen Club bankruptcy exit plan

The Aspen Club & Spa’s intend to emerge from Chapter 11 bankruptcy by acquiring $140 million in exit funding is drawing opposition through the Colorado Bankers Association, which represents significantly more than 95% of most banking institutions within the state.

In a filing made Jan. 24, the Bankers Association stated a precedent will likely to be set to your detriment of commercial loan providers and borrowers in the event that bankruptcy court blesses the fitness club’s ask for the capital to meet $26.8 million in mechanics’ liens and resume construction on its delayed redevelopment project.

The Aspen Club & Spa’s team that is legal Tuesday along with its very own brief claiming the CBA’s argument — which it built in the type of an amicus curiae, or friend-of-the-court brief — is unripe since it is considering conclusions the bankruptcy judge overseeing its instance has yet to approve the exit loan proposal. Continue reading “Colorado Bankers Association opposes Aspen Club bankruptcy exit plan”