Soho Properties has filed another bankruptcy petition in an attempt to keep foreclosure at bay for the Margaritaville Resort Times Square Hotel, though it said it is close to securing funding for the property.
The company filed the petition late last week to place its fee owner entity, 560 Seventh Avenue Owner Primary, under Chapter 11 protection, PincusCo reports. 
“Although the hotel is on the upswing, it still faces a multitude of defaults with its lenders, franchise holders and vendors, creating the need for a global restructuring among all stakeholders, which can best be achieved in Chapter 11,” Soho Properties Executive Vice President Sethian Pomerantz wrote in the filing, per Commercial…