Hooters Casino, Seaarland, Central Falls, Awal: Bankruptcy BusinessWeek
(This report contains items about companies both in bankruptcy and not in bankruptcy. Adds Hooters Casino Hotel as first item, Hudson Healthcare and Old Corkscrew Plantation in New Filings and Dodgers, Quigley and Omega Navigation in Updates.)
Aug. 2 (Bloomberg) -- The Hooters Casino Hotel filed for Chapter 11 protection late yesterday to stop a scheduled Aug. 8 foreclosure of the second-lien debt. The 696-room hotel and casino adjacent to MGM Grand on the Las Vegas Strip is owned by 155 East Tropicana LLC.
The two secured credit facilities were accelerated early this year. Canpartners Realty Holding Co. IV LLC acquired 98.4 percent of the $130 million in 8.75 percent second-lien senior secured notes. Canpartners bought the debt at a “substantial discount,” the casino said in a statement.
An additional $32.2 million of interest is owing on the second-lien debt. US Bank NA is indenture trustee.
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Why people should consider debt consolidation
People’s lifestyles can be affected in a very negative way when they fall into debt and the stress involved makes it difficult to cope. Once in debt a person’s financial situation quickly worsens as charges are added for every missed or late payment. Some people are able to pay off their debts through being extremely careful and reorganising their finances a little but for others whose debt is much worse, they might have to consider debt consolidation.
When a person has multiple monthly outgoings which they cannot afford to pay each month, this is where debt consolidation becomes an option. Debt consolidation is one loan used to pay off all of the other debts. This means the person in debt only makes one payment a month and the payment is often lower than all of the other payments previously amounted to.
Some people reach a level of debt where their repayments each month are more than what they have coming in. When this stage is reached there aren’t many options left and so debt consolidation is an excellent choice. This stops debtors constantly contacting the person for outstanding payments and they can begin to pay off their debts instead of paying high interest and charges.
Debts on credit and store cards are usually high interest too whereas the interest on a debt consolidation loan is much lower. Because of this, more of the money people are paying is going towards getting rid of their debt instead of paying high interest rates. With a consolidated debt, people also get a date where they will be debt free which gives them something to work towards and is very motivating.
Struggling to make multiple payments can also see people’s credit rating seriously damaged. Missing payments and paying things late not only incurs charges but it also badly affects a credit rating. If this happens, when a person comes out of debt it can still affect them if they are unable to buy things on credit or take out contracts. This is unlikely to happen when making one monthly consolidation payment.
...affiliate consolidation debt loan program - News
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