Business Capital announced the U.S. Bankruptcy Court has appointed the firm as the Chapter 11 financial advisor. The client is the franchisee of a leading national and an international hotel chain. This property is located in downtown Memphis situated on the Main Street Trolley line close to local attractions, in a fully renovated building that is part of the National Historic Registry.
The property was facing foreclosure as a result of the drop in the tourism and travel industry caused by the economic downturn. The hotel was the subject of an auction sale in order to satisfy the claim of the secured lender. Business Capital was approved by the US bankruptcy court as the financial advisor to, among other things, oversee and facilitate the sale of the hotel in Chapter 11. Because of BizCap’s experience and understanding in the bankruptcy process and relationships with a wide network of lenders and investors, the firm was able to introduce the right bidders and ultimately get the bankruptcy estate the highest and best price for the property ($7.2M).
Business Capital, founded in 2002, is a national commercial finance and debt restructuring firm specializing in business loans and creditor work-outs for small to middle market commercial and industrial companies.
View details of the appointment.