bankruptcy filing

Utah tour operator files for bankruptcy: What’s next for those owed money for canceled tours?

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SOUTH JORDAN — In April, KSL Investigators told you about a Utah-based travel company that abruptly canceled overseas tours of many viewers without offering refunds. Thousands of dollars were paid, which prompted many calls to Get Gephardt. Now, that company has filed for bankruptcy protection. So, what happens next?

“They won’t email us. They won’t call us back,” Lynette Clark told us about her communications with tour operator Latter Day Travel.

Clark paid about $6,000 for a tour she booked with Latter Day Travel, but six months before departure, she got an email saying they canceled her tour because of inflation and higher travel costs. No refund was offered. There was only the promise of credit if there are “travel opportunities in the future.”

“I hope that we can get our money back,” she said.

“It’s a lot of money for us,” Laurel Bjornberg said, when KSL Investigators spoke to her about a nearly identical cancellation email she received from the sister company, CruiseBuilder.

She said she paid $4,700 for her tour and, like Clark, got no refund.

“We paid for our trip, and then we have nothing,” she said.

KSL Investigators tried by

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AppHarvest files for bankruptcy | News

Kentucky-based agricultural technology company AppHarvest filed for bankruptcy amid doubts about the business’ future.

The company, which has built some of the world’s largest indoor farms, announced plans Monday morning for “a financial and operational transition” that includes filing for bankruptcy. Recent media reports have highlighted turmoil associated with the company, such as a lease termination and facility foreclosures.

An attorney for AppHarvest filed documents late Sunday night in the Southern District of Texas U.S. Bankruptcy Court. The case is assigned to Judge David R. Jones.

A company press release said AppHarvest’s course correction plan revolves around the bankruptcy filing. Additionally, the company has a commitment from creditor Equilibrium for $30 million of debtor-in-possession financing to support its operations in Morehead, Richmond and Somerset. The financing is subject to the court’s approval.

Earlier in July, the Lexington Herald-Leader reported that the property owner of AppHarvest’s Berea facility wanted to terminate the company’s lease. As part of its plan, AppHarvest wants to transfer its Berea operations to distribution partner Mastronardi Produce or an affiliate at the cost of $3.75 million, along with additional support. This, too, is subject to court approval.

AppHarvest’s stock price was $0.33 at the close of business

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Architect of Detroit’s bankruptcy filing 10 years ago says it was the best fix for a broken city | News, Sports, Jobs

Detroit emergency manager Kevyn Orr speaks during an interview with The Associated Press in Detroit on Dec. 12, 2013. The architect of Detroit’s bankruptcy filing admits it was a miserable process. But 10 years on, Detroit’s former emergency manager, Orr, maintains the restructuring of the Motor City is among his most important accomplishments. On July 18, 2013, Detroit became the largest city in the U.S. to file for bankruptcy. (AP photo)

Lenders Sue Margaritaville Times Square Owners For $85M After Bankruptcy Filing


The owners of the Margaritaville Resort Times Square are in a pitched battle with their lenders over missed debt payments.

No one has to search for salt in the legal battle over the future of the Margaritaville Resort Times Square.

Days after the owners of the 36-story hotel filed for bankruptcy to avoid a foreclosure sale, two of its lenders sued members of the development team claiming they are personally responsible for the unpaid debts.

The LLC that owns the equity on the property, 560 Seventh Avenue Owner Secondary, filed for Chapter 11 bankruptcy protection Sunday night. The property was facing a UCC foreclosure auction the next day after falling behind on loan repayments, which the bankruptcy filing halted.

But in a new suit filed Tuesday in New York State Supreme Court, affiliates of lenders Arden Group and Corten Real Estate claim developers Sharif El-Gamal, who heads Soho Properties, Stephen Weiss and Andrew Weiss are now personally responsible for the full amount of the loan as a result of the bankruptcy. In its filing, Arden claims it is due more than $85M, plus legal fees.

Arden provided the hotel developers with a $57M mezzanine loan in 2021, and last year

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Bitwise Files for Bankruptcy in Delaware Federal Court – GV Wire

In a move anticipated since the financial collapse of the company, Fresno-based Bitwise Industries has filed for bankruptcy.

The Wednesday filing in a Delaware federal court seeks Chapter 7 bankruptcy protection for several Bitwise corporations — BW Industries Inc.; Bitwise Industries, Inc.; BWRD, LLC; Alpha Works Technologies, LLC; and Bruce’s Bagels, Beverages and Bites, LLC.

“The Companies do not have sufficient capital to maintain operations and the impact of the foregoing on such Company’s businesses,” the petition said.

The company lists $253 million in assets, most coming from its main company Bitwise Industries ($212 million).

906 Ventures, LLC, a Denver-based company, is listed as its top creditor at $10 million “plus unliquidated amounts.” The bankruptcy filing also lists 906 Ventures with a $15.5 million claim.

The filing lists accounts in six different banks, all with relatively small balances — none more than $223,000. However, there is an “unknown” balance at Central Valley Community Bank, and a negative balance ($2,700) at First Republic Bank.

On Wednesday, GV Wire reported that federal and state investigators are probing Bitwise’s financial collapse.

Bitwise’s Collapse

The goal of Bitwise, celebrating its 10th year, was to provide high-tech opportunities to underserved communities. Founded by locals Jake

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