A St. Louis-based Roberts Cos. has filed for bankruptcy protection of their Tampa area Comfort Inn, marking the fourth filing for the company since December of this year.
Roberts Hotels Tampa LLC filed for Chapter 11 debt relief for the East Busch Blvd. location which is now closed.
In their filing, the company’s bankruptcy attorney listed their assets ranging between $1 million and $10 million. Their liabilities are staggering, ranging between $10 million and $50 million.
Roberts Cos. is owned by two brothers, Michael and Steven Roberts, and owns 11 hotels in several states. They have been saddled with financial troubles related to their real estate holdings and broadcasting business.
A Jackson, Mississippi location filed for bankruptcy protection in December. Roberts Cos. was also sued by Bank of America for defaulting on a $34 million loan used for renovations on numerous hotels they own outside of Missouri, including the Tampa location.
The Roberts Brothers have stated that they plan to seek bankruptcy protection for some of the locations named in Bank of America’s lawsuit. The locations named in the suit are in Atlanta, Dallas, Houston, Shreveport and Spartanburg, SC.
Debt relief is possible for any individual or business. A bankruptcy lawyer can determine whether a Chapter 7, Chapter 11 or Chapter 13 filing will help the troubled business reduce or eliminate their debt liabilities and allow them to make a fresh financial start. Each filing differs, depending on how much is owed and how much the business or individual can pay back.
After careful consideration, your bankruptcy attorney will develop a solid reorganization or liquidation plan that will satisfy creditors and stop their collection efforts.