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Article: Builder resumes role in deal for downtown hotel. (Calmark Holding Corp.; Pacific Basin Plaza; after bankruptcy of subsidiary Northview Corp.)
- Article from:
- Los Angeles Business Journal
- Article date:
- March 12, 1990
- Author:
CopyrightCOPYRIGHT 1990 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Builder resumes role in deal for downtown hotel
Northview Corp., a subsidiary of Uri Sheinbaum's Calmark Holding Corp., last week declared Chapter 11 bankruptcy, unable to pay ground rents on at least two of the 40-odd Vagabond Inn motels it owns and operates, including one in Woodland Hills.
Northview, bought by Sheinbaum's West Los Angeles-based Calmark in late 1987, has been in default on $100 million of Drexel Burnham Lambert-underwritten junk bonds since September.
Despite not paying bondholders $6.5 million in interest, the bankruptcy filing was precipitated last week when Northview was unable to muster $635,000 in ground lease payments to ...