Business Wire is reporting that the owners of Lake Las Vegas Resort have filed to reorganize under Chapter 11 of the Bankruptcy Code.
The Business Wire writes, "Citing a combination of poor liquidity, substantial debt service, extremely challenging real estate market conditions and other legal and financial issues, Lake at Las Vegas Joint Venture, LLC, the master developer of the Lake Las Vegas Resort (“LLV”), and several of its interdependent subsidiaries today filed to reorganize under Chapter 11 of the Bankruptcy Code."
The filing occurred in U.S. Bankruptcy Court for the District of Nevada in Las Vegas," the Business Wire writes.
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