|By Mary Hood, The Natchez Democrat,
Miss.McClatchy-Tribune Regional News
February 27, 2009 -NATCHEZ -- After reaching an agreement with Britton & Koontz Bank, Grand Soleil foreclosure proceedings have been nullified, the attorney for the hotel said.
Grand Soleil Attorney Kent Hudson said at approximately 5 p.m. Thursday, the Grand Soleil and Britton & Koontz worked out a confidential agreement.
"The bank and the company have come to an amicable resolution of the issue," Hudson said.
The company did not file for bankruptcy, and the foreclosure sale that was set for today will no longer take place.
Had the foreclosure sale taken place, it would have either ended with the bank foreclosing on three tracts of Grand Soleil land, or it would have gone to the highest bidder.
Now that an agreement has been worked out, Hudson said Big River Enterprises -- the company that owns the Grand Soleil -- will continue to look for third party investors, either private or individual.
Britton & Koontz filed a foreclosure notice earlier this month on the $3.7 million short-term loan it gave to the Grand Soleil.
Meanwhile, three local contractors have filed liens against the hotel for a total of $1.6 million.
Britton & Koontz officials would not comment.
To see more of the Natchez Democrat, or to subscribe to the newspaper, go to http://www.natchezdemocrat.com.
Copyright (c) 2009, The Natchez Democrat, Miss.
Distributed by McClatchy-Tribune Information Services. For reprints, email email@example.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.