Lake Las Vegas files Chapter 11
From Times Wire Services
The owners of the Lake Las Vegas Resort, a 3,592-acre residential and resort development in southern Nevada, have filed for Chapter 11 bankruptcy protection.
The filing in U.S. Bankruptcy Court in Las Vegas came about six months after LLV Holdco, a subsidiary of Las Vegas-based Atalon Group, took over ownership and management of the luxury community in Henderson from owners who defaulted on $540 million in loans.
The new owners cited “poor liquidity, substantial debt service, [and] extremely challenging real estate market conditions” as reasons for seeking protection under Chapter 11, which allows a business to continue operations while it reorganizes.
