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Colorado Bankers Association opposes Aspen Club bankruptcy exit plan

Colorado Bankers Association opposes Aspen Club bankruptcy exit plan

The Aspen Club & Spa’s want to emerge from Chapter 11 bankruptcy by getting $140 million in exit funding is drawing opposition through the Colorado Bankers Association, which represents significantly more than 95% of all of the banking institutions into the state.

In a filing made Jan. 24, the Bankers Association advertised a precedent would be set into the detriment of commercial loan providers and borrowers in the event that bankruptcy court blesses the fitness club’s ask for the financing to meet $26.8 million in mechanics’ liens and resume construction on its delayed redevelopment project.