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65-469: The project was announced in 1996, as The Resort at Summerlin . It was developed by Seven Circle Resorts, and the hotel portion was initially operated under a franchise from Regent International Hotels . The opening was originally scheduled for 1998, but the project saw several delays and cost overruns. It was designed by Paul Steelman and built by J.A. Jones Construction at a final cost of $ 276 million. The Resort at Summerlin opened on July 15, 1999, with

130-516: A race and sports book . The resort included a nightclub and lounge known as Plush, which operated from 2004 to 2006. Its owners then sued Hotspur Resorts, alleging that the latter failed to advertise the club as promised. In April 2004, scenes were shot at the casino for the fourth season of CSI: Crime Scene Investigation . 36°10′33″N 115°17′27″W  /  36.1758°N 115.2908°W  / 36.1758; -115.2908 Regent International Hotels Regent Hotels & Resorts

195-731: A 2005 study claimed the drop may have been due to an increase in the incorrect classification of many bankruptcies as "consumer cases" rather than "business cases". Cases involving more than US$ 50 million in assets are almost always handled in federal bankruptcy court, and not in bankruptcy-like state proceeding. The largest bankruptcy in history was of the US investment bank Lehman Brothers Holdings Inc., which listed $ 639 billion in assets as of its Chapter 11 filing in 2008. The 16 largest corporate bankruptcies as of December 13, 2011 Enron, Lehman Brothers, MF Global and Refco have all ceased operations while others were acquired by other buyers or emerged as

260-459: A 22-acre (8.9 ha) parcel next to the Regent and to develop it with timeshare units and tennis courts, but this project never came to fruition. Signs of financial trouble appeared as early as November 1999, when the resort's operating company revealed that it was seeking new financing and its credit rating was downgraded. By March 2000, the resort was in technical default on its mortgage debt, as

325-529: A 51% majority stake in Regent Hotels for $ 39 million and planned to expand the brand to 40 hotels from six hotels at acquisition. This includes rebranding the InterContinental Hong Kong , which initially opened as a Regent property in 1980, to a Regent property once again in 2022 following major renovations. As part of the acquisition deal, IHG has the right to acquire the remaining 49% of Regent in

390-441: A Chapter 11 bankruptcy, the debtor corporation is typically recapitalized so that it emerges from bankruptcy with more equity and less debt, a process through which some of the debtor corporation's debts may be discharged. Determinations as to which debts are discharged, and how equity and other entitlements are distributed to various groups of investors, are often based on a valuation of the reorganized business. Bankruptcy valuation

455-399: A buyer for the property. Real estate developer Peccole Nevada was selected as the stalking horse bidder , with an offer of $ 150 million, but then withdrew its bid after a disagreement with its financing partner. A new bid of $ 80 million by Los Angeles-based hotel company Maritz, Wolff was then selected, but was also withdrawn after negotiations with the Regent's creditors broke down. Finally,

520-677: A casino and a hotel tower known as the Regent Grand Spa. A second tower, the Regent Grand Palm, opened in January 2000. Within a month, the entire property was renamed The Regent Las Vegas . The resort experienced financial trouble and filed for Chapter 11 bankruptcy protection in November 2000. Hotspur purchased the resort a year later and rebranded the hotel under the JW Marriott name. In 2002,

585-500: A higher price for divisions or other assets than a chapter 7 liquidation would be likely to achieve. Section 362(d) of the Bankruptcy Code allows the court to terminate, annul, or modify the continuation of the automatic stay as may be necessary or appropriate to balance the competing interests of the debtor, its estate, creditors, and other parties in interest and grants the bankruptcy court considerable flexibility to tailor relief to

650-551: A phased manner from 2026. New properties have since been signed in Kuala Lumpur, Chengdu, Shanghai and Jeddah. Since the acquisition of Regent by IHG, the brand logo, monogram and identity were changed in May 2019, where IHG has positioned the brand as its top end offering in the luxury hotel segment. ‹The template Manual is being considered for merging .›   The following lists standalone branded residences that operate under

715-427: A plan. If the debtor proposes a plan within the 120-day exclusivity period, a 180-day exclusivity period from the date of filing for chapter 11 is granted in order to allow the debtor to gain confirmation of the proposed plan. With some exceptions, the plan may be proposed by any party in interest. Interested creditors then vote for a plan. If the judge approves the reorganization plan and the creditors all agree, then

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780-404: A profit. The trustee or debtor-in-possession normally rejects a contract or lease to transform damage claims arising from the nonperformance of those obligations into a prepetition claim. In some situations, rejection can also limit the damages that a contract counterparty can claim against the debtor. Chapter 11 follows the same priority scheme as other bankruptcy chapters. The priority structure

845-400: A renovation in 2012 that lasted several years. The project added 1,200 new slot machines and a new race and sports book layout. A bingo hall was added in 2014, and room renovations were completed the following year, while convention-center remodeling was scheduled to conclude in early 2016. A new sports book was opened in 2017, replacing an Irish bar, and several new restaurants were added over

910-418: A reorganization process for the majority of private individuals. When a business is unable to service its debt or pay its creditors , the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount

975-566: A result of having borrowed additional money from Swiss Casinos. Executives began to shift the casino's focus to attract more locals , such as by replacing slot machines with video poker machines. In September 2000, the Regent defaulted on various payments to creditors. By November, executives were attempting to renegotiate the property's debt, and 239 of the resort's 1,700 employees had been laid off. Several restaurants were closed or saw reduced operations. The Regent filed for Chapter 11 bankruptcy protection later that month, and soon began seeking

1040-522: A secured party with an interest in an aircraft the ability to take possession of the equipment within 60 days after a bankruptcy filing unless the airline cures all defaults. More specifically, the right of the lender to take possession of the secured equipment is not hampered by the automatic stay provisions of the Bankruptcy Code. In August 2019, the Small Business Reorganization Act of 2019 ("SBRA") added Subchapter V to Chapter 11 of

1105-558: A successful reorganization and retain control of the business and increase oversight and ensure a quick reorganization. A Subchapter V case contrasts from a traditional Chapter 11 in several key aspects: it is earmarked only for the "small business debtor" (as defined by the Bankruptcy Code), so, only a debtor can file a plan of reorganization . The SBRA requires the U.S. Trustee appoint a "subchapter V trustee" to every Subchapter V case to supervise and control estate funds, and facilitate

1170-522: A tool for escaping labor contracts, usually 30–35% of an airline's operating cost. Every major US airline has filed for Chapter 11 since 2002. In the space of 2 years (2002–2004) US Airways filed for bankruptcy twice leaving the AFL–CIO , pilot unions and other airline employees claiming the rules of Chapter 11 have helped turn the United States into a corporatocracy . The trustee or debtor-in-possession

1235-798: Is a British-American luxury hospitality brand, founded by hotelier Robert H. Burns in 1970. After passing through different owners since foundation, it is currently jointly owned by IHG Hotels & Resorts and Formosa International Hotels Corporation since July 2018, with hotels and resorts in Asia and Europe . The brand was founded by hotelier Robert H. Burns as a joint venture with Japan's Tokyu Group in 1970, opening its first property in Waikiki Beach, Honolulu in 1971. Burns was, soon after, joined by Georg Rafael and Adrian Zecha , who together developed and expanded Regent's footprint to 17 hotels worldwide. In 1981, The Regent Hong Kong opened to great acclaim and

1300-399: Is defined primarily by § 507 of the Bankruptcy Code ( 11 U.S.C.   § 507 ). As a general rule, administrative expenses (the actual, necessary expenses of preserving the bankruptcy estate, including expenses such as employee wages, and the cost of litigating the chapter 11 case) are paid first. Secured creditors —creditors who have a security interest , or collateral , in

1365-442: Is given the right, under § 365 of the Bankruptcy Code, subject to court approval, to assume or reject executory contracts and unexpired leases. The trustee or debtor-in-possession must assume or reject an executory contract in its entirety, unless some portion of it is severable. The trustee or debtor-in-possession normally assumes a contract or lease if it is needed to operate the reorganized business or if it can be assigned or sold at

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1430-403: Is often highly contentious because it is both subjective and important to case outcomes. The methods of valuation used in bankruptcy have changed over time, generally tracking methods used in investment banking, Delaware corporate law, and corporate and academic finance, but with a significant time lag. Chapter 11 retains many of the features present in all, or most, bankruptcy proceedings in

1495-421: Is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession , and is subject to the oversight and jurisdiction of the court. A Chapter 11 bankruptcy will result in one of three outcomes for the debtor: reorganization, conversion to Chapter 7 bankruptcy, or dismissal. In order for a Chapter 11 debtor to reorganize,

1560-438: Is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue. An example of proceedings that are not necessarily stayed automatically are family law proceedings against a spouse or parent. Further, creditors may file with the court seeking relief from the automatic stay. If the business is insolvent , its debts exceed its assets and the business is unable to pay debts as they come due,

1625-464: Is the airline industry in the United States; in 2006 over half the industry's seating capacity was on airlines that were in Chapter 11. These airlines were able to stop making debt payments, break their previously agreed upon labor union contracts, freeing up cash to expand routes or weather a price war against competitors — all with the bankruptcy court's approval. Studies on the impact of forestalling

1690-402: The 1999 Las Vegas flood , which caused minor water damage to electrical circuits. Its developers described it as Las Vegas' first off-Strip luxury resort. At opening, the property included a 286-room hotel tower, two restaurants, and a casino. The hotel was named the Regent Grand Spa, under a franchise from Regent International Hotels . Because of construction delays, other amenities, including

1755-502: The United States Trustee , can request the court convert the case into a liquidation under chapter 7, or appoint a trustee to manage the debtor's business. The court will grant a motion to convert to chapter 7 or appoint a trustee if either of these actions is in the best interest of all creditors. Sometimes a company will liquidate under chapter 11 (perhaps in a 363 sale), in which the pre-existing management may be able to help get

1820-455: The Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to confirming or approving the plan and making it binding on all parties in the case, most notably that the plan complies with applicable law and was proposed in good faith. The court must also find that the reorganization plan is feasible in that, unless the plan provides otherwise, the plan is not likely to be followed by further reorganization or liquidation. In

1885-477: The Bankruptcy Code. Subchapter V, which took effect in February 2020, is reserved exclusively for the small business debtor with the purpose of expediting bankruptcy procedure and economically resolving small business bankruptcy cases. Subchapter V retains many of the advantages of a traditional Chapter 11 case without the unnecessary procedural burdens and costs. It seeks to increase the debtor's ability to negotiate

1950-436: The Regent brand under Carlson's ownership. In March 2006, Carlson renamed its Radisson Seven Seas Cruises as Regent Seven Seas Cruises and merged the cruise operation and Regent International Hotels under a common brand. In 2008, Regent Seven Seas Cruises was sold to Apollo Management , an investment company. Carlson retained ownership of the master Regent brand, along with the operations of Regent Hotels & Resorts around

2015-648: The Regent name for new hotel developments and created a luxury hotel division while Four Seasons continued managing existing and new Regent hotels, thus labelling existing Regents as "a Four Seasons Hotel". In 2002, Carlson agreed with Rezidor SAS to develop the Regent hotel brand in Africa, Europe and the Middle East. Projects were announced in Kuwait, Qatar, the United Arab Emirates and Hungary, but none materialized under

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2080-565: The Regent name. The following lists pipeline properties as listed in the IHG website. The following lists formerly-affiliated properties that no longer carry the Regent branding, listed according to their exit from the Regent system. The following Regent property developments were either rebranded or terminated before opening: Chapter 11 bankruptcy protection Chapter 11 of the United States Bankruptcy Code ( Title 11 of

2145-562: The United States Code ) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy , is available to every business , whether organized as a corporation , partnership or sole proprietorship , and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides

2210-525: The United States. It provides additional tools for debtors as well. Most importantly, 11 U.S.C.   § 1108 empowers the trustee to operate the debtor's business. In Chapter 11, unless a separate trustee is appointed for cause, the debtor, as debtor in possession, acts as trustee of the business. Chapter 11 affords the debtor in possession a number of mechanisms to restructure its business. A debtor in possession can acquire financing and loans on favorable terms by giving new lenders first priority on

2275-477: The bankruptcy restructuring may result in the company's owners being left with nothing; instead, the owners' rights and interests are ended and the company's creditors are left with ownership of the newly reorganized company. All creditors are entitled to be heard by the court. The court is ultimately responsible for determining whether the proposed plan of reorganization complies with bankruptcy laws. One controversy that has broken out in bankruptcy courts concerns

2340-399: The business's earnings. The court may also permit the debtor in possession to reject and cancel contracts. Debtors are also protected from other litigation against the business through the imposition of an automatic stay . While the automatic stay is in place, creditors are stayed from any collection attempts or activities against the debtor in possession, and most litigation against the debtor

2405-596: The casino portion was renamed as the Rampart Casino by Millennium Management Group , which signed a 10-year lease. Hotspur took over management after the lease expired. In May 1996, the Howard Hughes Corporation , developer of the Summerlin planned community, announced an agreement for a casino resort to be developed by Seven Circle Resorts, an American affiliate of Swiss gaming firm Swiss Casinos . The opening

2470-423: The chances of a successful outcome and sufficient debtor-in-possession financing may be unavailable during an economic recession. A preplanned, pre-agreed approach between the debtor and its creditors (sometimes called a pre-packaged bankruptcy ) may facilitate the desired result. A company undergoing Chapter 11 reorganization is effectively operating under the "protection" of the court until it emerges. An example

2535-457: The community. By February 1998, construction was underway. The hotel was topped out on December 1, 1998. Managed by J.A. Jones Construction , the project was marked by delays and cost overruns. The final cost of development was $ 276 million, including $ 76 million contributed by Swiss Casinos and $ 200 million borrowed from lenders. The Resort at Summerlin quietly opened its doors on July 15, 1999. The opening had been delayed by three days because of

2600-448: The confirmation hearing, a disclosure statement must be approved by the bankruptcy court. Once the disclosure statement is approved, the plan proponent will solicit votes from the classes of creditors. Solicitation is the process by which creditors vote on the proposed confirmation plan. This process can be complicated if creditors fail or refuse to vote. In which case, the plan proponent might tailor his or her efforts in obtaining votes, or

2665-497: The creditors' rights to enforce their security reach different conclusions. Chapter 11 cases dropped by 60% from 1991 to 2003. One 2007 study found this was because businesses were turning to bankruptcy-like proceedings under state law, rather than the federal bankruptcy proceedings, including those under chapter 11. Insolvency proceedings under state law, the study stated, are currently faster, less expensive, and more private, with some states not even requiring court filings. However,

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2730-444: The debtor does file a plan within the first 120 days, the exclusivity period is extended to 180 days after the order for relief for the debtor to seek acceptance of the plan by holders of claims and interests. If the judge approves the reorganization plan and the creditors all "agree", then the plan can be confirmed. §1129 of the Bankruptcy Code requires the bankruptcy court reach certain conclusions prior to "confirming" or "approving"

2795-403: The debtor must file (and the court must confirm) a plan of reorganization. In effect, the plan is a compromise between the major stakeholders in the case, including the debtor and its creditors. Most Chapter 11 cases aim to confirm a plan, but that may not always be possible. If the judge approves the reorganization plan and the creditors all agree, then the plan can be confirmed. Section 1129 of

2860-433: The debtor will be able to pay most administrative and priority claims (priority claims over unsecured claims ) on the effective date. Like other forms of bankruptcy, petitions filed under chapter 11 invoke the automatic stay of § 362. The automatic stay requires all creditors to cease collection attempts, and makes many post-petition debt collection efforts void or voidable. Under some circumstances, some creditors, or

2925-422: The debtor's property—will be paid before unsecured creditors. Unsecured creditors' claims are prioritized by § 507. For instance the claims of suppliers of products or employees of a company may be paid before other unsecured creditors are paid. Each priority level must be paid in full before the next lower priority level may receive payment. Section 1110 ( 11 U.S.C.   § 1110 ) generally provides

2990-537: The development of a consensual plan. It also eliminates automatic appointment of an official committee of unsecured creditors and abolishes quarterly fees usually paid to the U.S. Trustee throughout the case. Most notably, Subchapter V allows the small business owner to retain their equity in the business so long as the reorganization plan does not discriminate unfairly and is fair and equitable with respect to each class of claims or interests. The reorganization and court process may take an inordinate amount of time, limiting

3055-696: The entire company, which was then promptly sold to the Four Seasons hotel chain. Regent properties that were under development at the time of purchase in Bali, Milan, New York, and Istanbul were subsequently opened under the Four Seasons flag. Furthermore, Regent Hotels in Jakarta, Bangkok, Chiang Mai, Sydney, as well as the Beverly Wilshire were likewise absorbed into the Four Seasons chain. In 1998, Carlson acquired

3120-410: The exigencies of the circumstances. Relief from the automatic stay is generally sought by motion and, if opposed, is treated as a contested matter under Bankruptcy Rule 9014. A party seeking relief from the automatic stay must also pay the filing fee required by 28 U.S.C.A. § 1930(b). In the new millennium, airlines have fallen under intense scrutiny for what many see as abusing Chapter 11 bankruptcy as

3185-624: The hotel under the JW Marriott name, hoping that it would be a better draw than the Regent name, which was found to have good name recognition in Asia but not in America. The casino was leased in 2002 to Nevada-based Millennium Management Group on a 10-year lease. Millennium renamed the casino as the Rampart Casino at the Resort at Summerlin, and continued the effort to shift the casino's marketing emphasis away from high rollers towards locals. Hotspur also leased out

3250-575: The next year. The Rampart Buffet underwent a four-month renovation and reopened in 2019 as the Market Place Buffet, with outdoor seating added. Additional parking space was also built. The hotel has 469 rooms and 79 suites, with rooms starting at 560 square feet (52 m). There is a 40,000-square-foot (3,700 m) spa and 115,900 square feet (10,770 m) of meeting and event spaces. The casino has 57,610 square feet (5,352 m) of gaming space with 1,560 slot machines , 28 table games , and

3315-405: The plan and making it binding on all parties in the case. Most importantly, the bankruptcy court must find the plan (a) complies with applicable law, and (b) has been proposed in good faith. Furthermore, the court must determine whether the plan is "feasible, " in other words, the court must safeguard that confirming the plan will not yield to liquidation down the road. The plan must ensure that

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3380-412: The plan can be confirmed. If at least one class of creditors objects and votes against the plan, it may nonetheless be confirmed if the requirements of cramdown are met. In order to be confirmed over the creditors' objection, the plan must not discriminate against that class of creditors, and the plan must be found fair and equitable to that class. Upon confirmation, the plan becomes binding and identifies

3445-419: The plan is a compromise between the major stakeholders in the case, including, but not limited to the debtor and its creditors. Most chapter 11 cases aim to confirm a plan, but that may not always be possible. Section 1121(b) of the Bankruptcy Code provides for an exclusivity period in which only the debtor may file a plan of reorganization. This period lasts 120 days after the date of the order for relief, and if

3510-412: The plan itself. The plan may be modified before confirmation, so long as the modified plan meets all the requirements of Chapter 11. A chapter 11 case typically results in one of three outcomes: a reorganization; a conversion into chapter 7 liquidation, or it is dismissed. In order for a chapter 11 debtor to reorganize, they must file (and the court must confirm) a plan of reorganization. Simply put,

3575-442: The proper amount of disclosure that the court and other parties are entitled to receive from the members of the creditor's committees that play a large role in many proceedings. Chapter 11 usually results in reorganization of the debtor's business or personal assets and debts, but can also be used as a mechanism for liquidation. Debtors may "emerge" from a chapter 11 bankruptcy within a few months or within several years, depending on

3640-451: The resort was sold to Hotspur Resorts , the hotel affiliate of Canadian real estate firm Larco Investments , for $ 80 million. Observers had expected a competitive auction with bids from major casino operators, but most potential buyers lost interest after the September 11 attacks , which occurred two weeks before the auction. Hotspur completed its purchase in November 2001. Hotspur rebranded

3705-423: The restaurant and shop space, and Millennium added three new restaurants. Convention space was doubled in 2003 with the opening of a 31,000 sq ft (2,900 m) expansion, built at a cost of $ 4.9 million. When the casino lease expired in 2012, Hotspur opted not to renew the agreement, assuming direct management of the casino, with the help of consulting services from Affinity Gaming . Michael Gaughan, Jr.,

3770-402: The size and complexity of the bankruptcy. The Bankruptcy Code accomplishes this objective through the use of a bankruptcy plan. The debtor in possession typically has the first opportunity to propose a plan during the period of exclusivity. This period allows the debtor 120 days from the date of filing for chapter 11 to propose a plan of reorganization before any other party in interest may propose

3835-490: The son of casino magnate Michael Gaughan , was hired as the property's general manager. Meanwhile, revenues declined because of a slow economy and increased competition from newly opened Strip resorts, leading the property to again default on its mortgage payments. The owners were able to avoid foreclosure, ultimately negotiating a loan modification in December 2013. Gaughan upgraded the casino to attract more visitors, beginning

3900-538: The spa, pool, retail shops, and more restaurants, opened over the following months. The second hotel tower, the 255-room Regent Grand Palm, opened in January 2000. By the next month, the entire property had been renamed as The Regent Las Vegas, to capitalize on its affiliation with the upscale Regent brand, and the two hotels were known simply as the Spa tower and the Palms tower. In June 2000, Swiss Casinos announced plans to purchase

3965-509: The tee times at the neighboring Tournament Players Club at the Canyons . Seven Circle purchased the 54-acre (22 ha) site from Howard Hughes Corp. in August 1996 for $ 16.6 million. The company faced some opposition from nearby residents after modifying the project plans to include a second hotel tower. The enlargement plans were eventually approved, despite concerns about the impact it would have on

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4030-460: The treatment of debts and operations of the business for the duration of the plan. If a plan cannot be confirmed, the court may either convert the case to a liquidation under chapter 7, or, if in the best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy. If the case is dismissed, creditors will look to non-bankruptcy law in order to satisfy their claims. In order to proceed to

4095-621: The world. In 2010, Carlson sold the Regent business to Formosa International Hotels, the largest listed hotel operator in Taiwan and owner of Grand Formosa Regent Taipei hotel in Taipei , Taiwan, which was opened by Regent's founders in 1990 as The Regent Taipei. Co-founder Robert Burns was appointed Honorary Chairman, and Ralf Ohletz as president. Ohletz had worked with another Regent co-founder, Adrian Zecha, for 25 years. In March 2018, IHG Hotels & Resorts (IHG) announced that it had agreed to buy

4160-424: Was consistently labelled "the world's best hotel". The Regent Beverly Wilshire joined the chain in 1985, and later served as the setting for the 1990 film Pretty Woman , which helped cement Regent's reputation as a luxury hotel operator at the time. In 1986, EIE International acquired a 35% stake. When Burns decided to sell his remaining 65% stake in 1992, EIE exercised its right of first refusal to acquire

4225-399: Was originally planned for 1998. Paul Steelman was the architect for the project, which would be known as The Resort at Summerlin. Developers envisioned it as a luxury golf and spa resort, similar to those found in destinations like Scottsdale, Arizona and Palm Springs, California . The property would have relationships with several nearby golf courses, including exclusive control of half of

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