For the Registry Hotel in Irvine, the good news is that a federal judge last week ruled that hotel officials can continue using the hotel’s cash for day-to-day operations.
The bad news is that it may not be for long.
U.S. Bankruptcy Judge John Ryan decided last week that the beleaguered hotel can use the funds to avert foreclosure for at least four months.
Another hearing is tentatively slated for April 13. The hotel’s biggest debtor, Homestead Savings & Loan Assn., is expected to ask then that it be allowed to foreclose to recover its $21-million debt.