Allerton Hotel wins bankruptcy plan confirmation

The Allerton Hotel, an historic hotel on Michigan Avenue in downtown Chicago, had filed for bankruptcy in May 2011.  After battling its largest creditor for days this summer, the hotel has finally reached a settlement with the creditor thereby allowing its bankruptcy plan to be confirmed.

Under the terms of the plan, Allerton must put the plan into effect by January 18 or the hotel will be auctioned.  As part of the plan, Allerton must pay a $5 million principal payment to its largest creditor as of the effective date of the plan. For more details of the bankruptcy plan, you can read, “ALT Hotel wins plan confirmation.