PORTLAND, OR— Four lodging properties operated by Shilo Inns here— one located in Utah and three others in California— have reportedly filed for Chapter 11 reorganization with the U.S. Bankruptcy Court in Portland. According to a story appearing in The Oregonian, this turn of events is said to be reflective of the “financial troubles” facing the 47-property chain. As noted in the news story, those Shilo sites seeking court-approved protection from creditors at this time include one in Salt Lake City and three others situated in Delano, Oakhurst and Pomona, respectively. At this time, the ultimate fate of the four properties is unclear. However, this move does nonetheless follow on the heels of a lawsuit filed by Bank of America against Shilo owner Mark Hemstreet, who reportedly defaulted on $30 million in loans this past December (though he has since reached a temporary agreement with Bank of America on repayment of those loans). SOURCE: The Oregonian
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