Alexico Group Files for Bankruptcy Protection

Alexico owes an additional $123 million on the 205-room Alex Hotel at 205 East 45th Street, according to the Chapter 11 filing in Manhattan Bankruptcy Court. The development firm led by Simon Elias and Izak Senbahar defaulted on the loans in 2009, but delayed the foreclosure process by arguing that it had simply reallocated the money to another property it owns, the Mark Hotel, which was permissible under an agreement with Anglo Irish. However, a judge ruled against them in January. [Bloomberg]
Last modified onSaturday, 06 May 2017 10:07
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