Fontainebleau's Faulty Financials
June 16, 2009
Fontainebleau Las Vegas filed for Chapter 11 bankruptcy last week. The $2.9 billion, 4,000-room resort that is only about 70-percent complete has paused construction. Its financial troubles arose from several funding snafus and a group of lenders who withdrew an $800-million loan. Fotainebleau had previously filed a $3-billion lawsuit against these lenders including Bank of America and JPMorgan Chase Bank. Company spokesman Lance Ignon says, "It allows us to restructure our debt, so we can emerge as a stable project. It improves our ability to bring in new financing, which we are actively undertaking right now."
fontainebleau.com
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