Project Developer Seeking Bankruptcy Protection
Posted on May 9, 2011 5:50pm PDT
The developer of Cassa NY Hotel and Residences is reportedly seeking bankruptcy protection. According to reports, the company is blaming its financial challenges on litigation involving other businesses. The company, Waterscape, has allegedly listed about $168.5 million in assets and about $141.5 million in debts. The company has reportedly recently defaulted on a principal payment obligation.
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