The Park Record today reported that three chapter 11 filings were recorded in Utah’s bankruptcy court against Promontory developer Pivotal Partners. The involuntary actions were filed by Promontory’s unnamed second-lien holders.
Still at the helm of the buyout machine is Credit Suisse and a collection of Promontory’s original lenders as well as several hedge funds. CS and company are in primary lien position, and had been negotiating with all the parties involved to come up with a more amicable solution. But according to Pivotal’s spokesperson, somewhere along the lines the second-lien holders decided not to cooperate with the remaining creditors.
With the filings just being recorded this past Friday, I’m sure more information will trickle down over the coming week. I’ll pass it on as soon as I have it. Though I don’t have any concrete information on the final impact of the current proceedings, I still feel confident that we’ll be seeing some great things at Promontory over the next few years.
