Crowne Plaza hotel in Times Square files for Chapter 11 bankruptcy

Chicago, Dec. 30 – Times Square JV LLC made a Chapter 11 filing on Dec. 27, according to a document filed with the U.S. Bankruptcy Court for the Southern District of New York.

The company worked with its mortgage lender 1605 Broadway LLC on a restructuring support agreement pre-petition.

1605 Broadway will receive adequate protection in exchange for use of the cash collateral by Times Square JV.

Times Square will also be working to obtain a debtor-in-possession credit agreement.

In the filing, the company estimates less than 50 creditors.

Estimated assets and liabilities were each between $100 million to $500 million.

The company does not expect any funds to be available to unsecured creditors after administrative expenses are paid.

The most significant unsecured creditor is Intercontinental Hotels Group with a license agreement claim for $630,623.11. The next four largest unsecured creditors are Con Edison with a utility claim of $603,898, NYC Water Board with a $366,533.19 utility claim, Audio Visual Management Solutions, Inc. with a disputed trade claim of $307,279.60 and Constellation New Energy – Gas Division, LLC with a utility claim for $201,850.61.

Times Square retained Seward & Kissel LLC as bankruptcy counsel. Emerald Capital Advisors Corp. will be working as a financial adviser.

Vornado is the ultimate parent of the debtor.

Times Square JV owns the Crowne Plaza hotel in Times Square in New York. The case filing number is 22-11715.

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