OTHER NEWS - Dec. 22, 1992
From Times Staff and Wire Reports
Hotel’s Bankruptcy Plan Approved: A U.S. bankruptcy judge approved a reorganization plan for the Westin Bonaventure hotel, according to a creditors’ attorney. The 1,400-room hotel--the largest in downtown Los Angeles--filed for Chapter 11 bankruptcy protection last year after owners Mitsubishi Trading Co. and developer John C. Portman defaulted on a $75-million mortgage in 1990. Under the reorganization, unsecured creditors will receive either 40% of their claim or be paid back in full over five years, said attorney Ira Kharash. Westin will continue to manage the hotel.
