OTHER NEWS - Dec. 30, 1995
Times Staff and Wire Reports
Irvine Hotel Staves Off Foreclosure: An investment company owned by businessman George Yao has reached an agreement with a Kansas City bank to delay a foreclosure sale of the Radisson Plaza Hotel in Irvine, Yao’s attorney said. A foreclosure sale scheduled for Friday was postponed for a month to give Yao time to complete a planned debt restructuring. Yao, general partner and 98% owner of GMY Investment Co., has been negotiating in recent weeks with Bank Midwest, which holds a delinquent $19.3-million first loan on the property. GMY Investment acquired the hotel near John Wayne Airport in 1989.
