|By Ben Sutherly, Dayton Daily News,
OhioMcClatchy-Tribune Regional News
December 28, 2009--DAYTON -- The Premier Hotel Group LLC has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court.
The corporation owns the hotel building at 730 E. Xenia Drive in Fairborn operated by Baymont Inn and Suites.
William Parker, a Champaign County resident and managing member of Premier Hotel Group, said the filing won't affect the hotel's operations.
Through the bankruptcy filing, Premier Hotel Group is protecting its interests "while we negotiated with a potential buyer," Parker said.
In the Dec. 18 filing, the company lists the value of both its assets and liabilities as between $1 million and $10 million.
The creditors holding the largest unsecured claims include Par-Mee Dev. Corp. of Cable, Ohio ($638,800); Perpetual Federal Savings Bank of Urbana ($462,280); the Greene County treasurer ($196,813); and Baymont Franchise Systems of Chicago ($30,329).
A Chapter 11 bankruptcy filing frees a company from the threat of creditors' lawsuits while it reorganizes its finances. The debtor's reorganization plan must be accepted by a majority of its creditors.
Contact this reporter at (937) 225-7457 or bsutherly@DaytonDailyNews.com.
To see more of the Dayton Daily News or to subscribe to the newspaper, go to http://www.daytondailynews.com .
Copyright (c) 2009, Dayton Daily News, Ohio
Distributed by McClatchy-Tribune Information Services. For reprints, email firstname.lastname@example.org, 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.