Opinion ID: 219843
Heading Depth: 2
Heading Rank: 1

Heading: The River Road Debtors

Text: In 2007 and 2008, River Road Hotel Partners, LLC, River Road Expansion Partners, LLC, and related entities (the River Road Debtors) built the InterContinental Chicago O'Hare Hotel and affiliated event space. In order to construct the hotel and event space, these entities obtained construction loans totalling approximately $155,500,000 from the Longview Ultra Construction Loan Investment Fund and the Longview Ultra I Construction Loan Investment Fund (the River Road Lenders). The loan documents designated Amalgamated Bank as the administrative agent and trustee of the River Road Lenders. The InterContinental Chicago O'Hare Hotel and affiliated facilities opened in September 2008. Several months later, the River Road Debtors requested that the River Road Lenders supply them with several million dollars in additional funding so that they could finish building the hotel's restaurant and pay their general contractors and suppliers. The River Road Lenders entered into negotiations with the River Road Debtors concerning the conditions under which additional funding would be provided, but the parties could not agree on mutually satisfactory terms. [2] On August 17, 2009, each of the River Road Debtors filed voluntary petitions for relief under Chapter 11 of 11 U.S.C. §§ 101, et seq. (the Bankruptcy Code, hereinafter the Code) in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division. At the time the petition was filed, the River Road Debtors owed at least $140,000,000 on the loans, with over $1,000,000 in interest accruing per month. In addition, approximately $9,500,000 in mechanics' liens have been asserted against the InterContinental Chicago O'Hare Hotel and its affiliated event spaces.