BOCA RATON, Fla. (Sun Sentinel) — The owner of the new Mandarin Oriental hotel, planned in downtown Boca Raton, expects to have its construction completed later this year despite a filing seeking Chapter 11 bankruptcy protection, according to our news partners at the Sun Sentinel.
Bradley Shraiberg, an attorney representing Via Mizner Owner II, which is the hotel portion of the project, said this Ch. 11 reorganization will offer the best opportunity for paying off creditors. The filing was made in the U.S. Bankruptcy Court for the Southern District of Florida on Dec. 23.
“This bankruptcy is unique in the fact that it was filed in collaboration with our secured creditor. Most bankruptcies are filed because you’re on the eve of a foreclosure sale. You’re about to lose the property so you prevent the secured creditor from foreclosing by filing a bankruptcy,” Shraiberg said. “This is in a cooperation with our secured creditor.”…