South Asian Guy Loses $119M for Real Estate Projects, Files to Stop SEC Suit

A charismatic guy from the Bay Area in California, Sanjeev Acharya, dreamed big of building the next real estate empire. He raised $119 million from his South Asian friends. But the SEC sued him in December for deceptive conduct (for saying that projects were doing well when in fact his real estate investments failed). The SEC asked for a receiver and an injunction in district court. Before the hearing on SEC's request, he filed for Chapter 11 bankruptcy. In its Chapter 11 petition, he says he owes at least $100 million to creditors (mostly construction loans), but he only has less than $10 million in assets. Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html

Bankrupt Conneaut Lake Park Owner Finds Buyer After Almost 4 Years

Trustees of Conneaut Lake Park won confirmation of its Chapter 11 plan in September 2016. It never got a final decree closing the case -- in fact it filed motions seeking an extension of the time to apply for a final decree 8 times. This January it returned to the bankruptcy court asking for approval of a sale process, saying that it has found a buyer for the park. {Good thing judges are patient!} Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html

Denny's Franchisee Hopes to Use PPP Loan to Pay Off Bankruptcy Claims

RWDT Foods, owner of 4 Denny's restaurants, had a plan that intends to pay creditors over time. But it just came up with a better idea -- it will ask the bankruptcy court to approve a new plan that says claims will be paid in full, then emerge from bankruptcy, then apply for a PPP-2 loan, then use the proceeds of the PPP loan to pay most creditors in full. It says that it will qualify for a PPP loan before the March 31 deadline because it will no longer be a bankrupt entity by that time. It also expects the PPP loan to be forgiven. {It's nice that the government is doling out money.} Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html

American Airlines Files for Chapter 11 Bankruptcy [News Release]

On November 29, 2011, AMR Corporation, the parent company of American Airlines and American Eagle, and certain of its U.S.-based subsidiaries (including American and American Eagle) filed voluntary petitions for Chapter 11 reorganization in the U.S. Bankruptcy Court for the Southern District of New York. We took this action in order to achieve a cost and debt structure that is industry competitive and thereby assure our long-term viability and ability to continue delivering a world-class travel experience for customers.

American Airlines and American Eagle are operating normal flight schedules, and its reservations, customer service, AAdvantage program, Admirals Clubs and all other operations are conducting business as usual. Likewise, throughout the Chapter 11 process, the Debtors expect to continue to:

* Provide safe and reliable service;
* Fly normal schedules;
* Honor tickets and reservations, and make exchanges and refunds as usual;
* Fully maintain our AAdvantage frequent - flyer and other customer service programs, and ensure all AAdvantage miles and elites status earned by members remain secure and intact;
* Provide Admirals Club access and similar amenities to members and eligible customers;
* Remain an integral member of the oneworld alliance, of which American is a founding member, and continue our codeshare partnerships;
* Provide employee wages, healthcare coverage, vacation, and other benefits, without interruption;
* Pay suppliers for goods and services received during the reorganization process.

These filings have no direct legal impact on American's operations outside the United States.

American is committed to continuing to provide our customers with the excellent service and safe, reliable travel experience they expect from us.

Bankruptcy Creditors' Service, Inc., publishes AMERICAN AIRLINES BANKRUPTCY NEWS. The newsletter tracks the Chapter 11 proceeding
undertaken by AMR Corp. and its affiliates. (http://bankrupt.com/newsstand/ or 215/945-7000)

To receive AMERICAN AIRLINES BANKRUPTCY NEWS, please call or send e-mail to:

Bankruptcy Creditors' Service, Inc.
572 Fernwood Lane
Fairless Hills, PA 19030
Telephone: (215) 945-7000
Facsimile: (215) 945-7001
E-mail: peter@bankrupt.com