Results tagged “bankrupt”

When we last checked in on the state of the sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town, it was at high risk of default on some $4.4 billion in loans. That was the beginning of September, and the prognosis is still negative. At the end of the month, it had $33.7 million left of the $400 million in interest reserves set up to service its debt, sources tell the Wall Street Journal. This means that at its current burn rate of about $16 million per month, the reserve could be depleted before the end of the year.

Duane Reade may be a soulless corporate chain, but its our corporate chain, forged right here in 1960 at a warehouse between its eponymous Tribeca streets. But despite (or because of?) its ubiquity—253 locations in NYC and counting—Duane Reade is deeply in debt, and last week its corporate parent, private-equity firm Oak Hill Capital Partners, shelled out $125 million to save Duane Reade from defaulting on its debt.

You'd think over-charging for drinks (including water) for all these years would have given them a nice financial cushion...but allegedly Webster Hall is in debt and in danger of closing. DBTH reports that "the club is in serious arrears to the City, State and vendors, and may be on the verge of declaring bankruptcy." It's the usual story of overdue rent, bounced checks, back taxes, bills piling up and creditors knocking on the door. "They are looking for some kind of bail out from the state (for the taxes issues) and the landlord (apparently they would like their rent lowered by half until things "get better")." Guess their new Studio venture hasn't been bringing in the cash, but maybe the bridge & tunnel crowd that pack into the place on club nights can help bring in the $600K they need. Nightclub shenanigans aside, it would be a shame to see the place shutter, considering it's been open since the late 1800s and hosting music since the 1950s.