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Colorado Bankers Association opposes Aspen Club bankruptcy exit plan

Colorado Bankers Association opposes Aspen Club bankruptcy exit plan

The Aspen Club & Spa’s want to emerge from Chapter 11 bankruptcy by getting $140 million in exit funding is drawing opposition through the Colorado Bankers Association, which represents a lot more than 95% of most banking institutions in the state.

In a filing made Jan. 24, the Bankers Association advertised a precedent will soon be set to your detriment of commercial loan providers and borrowers in the event that bankruptcy court blesses the fitness club’s ask for the financing to fulfill $26.8 million in mechanics’ liens and resume construction on its delayed redevelopment project.

The Aspen Club & Spa’s team that is legal Tuesday using its very very own brief claiming the CBA’s argument — which it manufactured in the type of an amicus curiae, or friend-of-the-court brief — is unripe since it is predicated on conclusions the bankruptcy judge overseeing its situation has yet to accept the exit loan proposition.