{"id":2457100,"date":"2020-04-13T00:00:00","date_gmt":"2020-04-13T06:00:00","guid":{"rendered":"https:\/\/www.aspentimes.com\/?p=324268"},"modified":"2020-04-13T00:00:00","modified_gmt":"2020-04-13T06:00:00","slug":"business-monday-despite-pandemic-lender-says-it-will-still-back-aspen-club","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kspn\/local-news\/business-monday-despite-pandemic-lender-says-it-will-still-back-aspen-club\/","title":{"rendered":"Business Monday: Despite pandemic, lender says it will still back Aspen Club"},"content":{"rendered":"<figure class=\"wp-block-image p402_hide\">\n<div class=\"caption-container\"> <img loading=\"lazy\" decoding=\"async\" width=\"620\" height=\"413\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2019\/08\/cover-atw-081519-1-10.jpg\" class=\"attachment-large size-large wp-post-image\" alt srcset=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2019\/08\/cover-atw-081519-1-10.jpg 620w, https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2019\/08\/cover-atw-081519-1-10-300x200.jpg 300w\" sizes=\"auto, (max-width: 620px) 100vw, 620px\"><figcaption><strong>The redevelopment site for the bankrupt Aspen Club showed no signs of activity on a recent June day.<\/strong><br \/><em>Aspen Times file photo<\/em><\/figcaption><\/div>\n<\/figure>\n<p class=\"STND-STND BodyText DropCap\">The coronavirus pandemic that has battered the economy has not deterred a Florida lender\u2019s intentions to float as much as $140 million in financing to The Aspen Club and Spa so it can emerge from bankruptcy and restart its dormant redevelopment project.<\/p>\n<p class=\"STND-STND BodyText\">That\u2019s what an attorney representing EFO Financial said during a telephonic hearing Friday.<\/p>\n<p class=\"STND-STND BodyText\">\u201cWe\u2019re committed to this project and want to see it be successfully resolved,\u201d said Steven Berman, counsel for EFO Financial.<\/p>\n<p class=\"STND-STND BodyText\">The Aspen Club\u2019s attorney James Markus also said while most of the company\u2019s creditors are on board with the exit plan that hinges on the loan, two creditors \u201cwant to kill the plan.\u201d<\/p>\n<div class=\"row\">\n<div class=\"col\">\n<div class=\"row at-donation at-donation-mobile p-0\">\n<div class=\"col-xl-4 p-2\">\n<div data-bg=\"url(https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/03\/AT-logo-white.png)\" class=\"p-0 mt-2 mb-2 h-75 text-center rocket-lazyload\"><img decoding=\"async\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/03\/AT-logo-white.png\" class=\"logo m-0 p-0 invisible\"><\/div>\n<\/div>\n<div data-bg=\"url(https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/03\/at-banner-paypal.jpg)\" class=\"col-xl-8 p-3 text-center rocket-lazyload\">\n<h3 class=\"d-inline mr-3\">Support Local Journalism<\/h3>\n<p><button class=\"btn d-inline\" type=\"button\"><a href=\"https:\/\/www.aspentimes.com\/donate\/?utm_source=article&amp;utm_medium=website&amp;utm_campaign=donation&amp;utm_term=&amp;utm_content=mid-article\">Donate<\/a><\/button><\/div>\n<\/div>\n<p><\/div>\n<\/div>\n<p class=\"STND-STND BodyText\">GPIF Aspen Club and Revere High Yield Fund, the holders of respective loan notes of $30 million and $12 million, have said the plan is unrealistic and benefits insiders.<\/p>\n<p class=\"STND-STND BodyText\">Their attorneys also convinced Judge Joseph Rosania Jr. to indefinitely postpone the confirmation hearing, which had been set for April 20 over the Skype video platform due to the governor\u2019s stay-at-home orders that go through April 26.<\/p>\n<p class=\"STND-STND BodyText\">They argued that holding a key hearing over five days with 10 witnesses on a video platform would be impractical, confusing and deny the creditors their due process. Rosania set May 11 to re-evaluate the matter based on the where government orders stand, including the U.S. District Court for the District of Colorado\u2019s delay of all criminal and civil trials until at least May 1.<\/p>\n<p class=\"STND-STND BodyText\">The outcome of the confirmation-plan hearing will determine whether the club will stay afloat under its current ownership led by Michael Fox. If Rosania rejects the plan, which also requires creditor approval, that would open the door for a buyout or foreclosure sale, for instance.<\/p>\n<p class=\"STND-STND BodyText\">The Club says with as much as $140 million in financing, it can pay back its creditors \u2014 including local construction firms that have tallied up more than $20 million in unpaid bills \u2014 and get the residential and club redevelopment project rolling at 1450 Ute Ave. on the east side Aspen.<\/p>\n<p class=\"STND-STND BodyText\">EFO Financial had set April 30 as the deadline for The Aspen Club to receive approval, but Berman said \u201cwe\u2019re not imposing any sort of drop-dead deadline. And we agree that an in-person hearing would be far better for everyone. It\u2019s what we are used to as lawyers and judges, but it\u2019s not the only way the hearing can be conducted.\u201d<\/p>\n<p class=\"STND-STND BodyText\">Time is of the essence so the project can get started and workers can get working, he said. More delays in the case don\u2019t \u201cbenefit anybody other than the parties opposing confirmation,\u201d he said.<\/p>\n<p class=\"STND-STND BodyText\">\u201cIt hurts the workers who are ready to be mobilized once the stay-at-home is lifted,\u201d Berman said. \u201cThere are going to be workers out there that need to work, and this is a project where a lot of people can be employed.\u201d<\/p>\n<p class=\"STND-STND BodyText\">He said the mechanics\u2019 lien holders would be paid in full.<\/p>\n<p class=\"STND-STND BodyText\">\u201cWe need to get the shovels in the ground by June 1 \u2026 and another continuance, continuance, continuance will have its own economic consequences which are not consistent with a successful emergence\u201d from bankruptcy.<\/p>\n<p class=\"STND-STND BodyText\">The Aspen Club and Spa and The Aspen Club Redevelopment Co. declared their respective Chapter 11 bankruptcies May 16 and 17. The cases were consolidated May 20, and are being jointly administered through the bankruptcy court.<\/p>\n<p class=\"STND-STND BodyText\">The project \u2014 which has been on hold since the fall of 2017 \u2014 includes a remodel of the 40,000-square-foot Aspen Club and Spa building, the construction of a 54,000-square-foot lodge with 20 timeshares and 12 multi-family affordable-housing units.<\/p>\n<p class=\"STND-STND BodyText Tagline\"><a href=\"mailto:rcarroll@aspentimes.com\">rcarroll@aspentimes.com<\/a><\/p>\n<p><a href=\"https:\/\/www.aspentimes.com\/news\/local\/business-monday-despite-pandemic-lender-says-it-will-still-back-aspen-club\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: The Aspen Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The redevelopment site for the bankrupt Aspen Club showed no signs of activity on a recent June day.Aspen Times file photo The coronavirus pandemic that has battered the economy has not deterred a Florida lender\u2019s intentions to float as much as $140 million in financing to The Aspen Club and Spa so it can emerge [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-2457100","post","type-post","status-publish","format-standard","category-local-news"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-08-18 04:27:13","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSPN The Valley&#039;s Quality Rock","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kspn","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2457100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/comments?post=2457100"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2457100\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/media?parent=2457100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/categories?post=2457100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/tags?post=2457100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}