NEW YORK – February 2, 2023 – Tarter Krinsky & Drogin client Golden Seahorse LLC, the owner of the Holiday Inn Financial District, successfully secured an agreement with the New York City Health and Hospitals Corporation (NYC Health + Hospitals) to provide much-needed housing and food to asylum seekers. The decision came after a seven-hour evidentiary hearing held on January 27, 2023 before the Bankruptcy Court for the Southern District of New York, over an objection by the client’s secured lenders. Now, under NYC Health + Hospitals’ oversight, the hotel will begin opening up to asylum seekers in the coming week and provide these accommodations for the foreseeable future.
The client, represented by Co-Chairs of the Firm’s Bankruptcy and Corporate Restructuring Practice Scott S. Markowitz and Alex Spizz and Partner Rocco A. Cavaliere, is currently undergoing a Chapter 11 bankruptcy proceeding.
“Our team strives on supporting our clients and devising creative strategies to meet their business needs. We congratulate Golden Seahorse on this deal and are proud to assist in this endeavor, as they take a lead in helping the City in its efforts to humanely address the sudden influx of asylum seekers in New York City. We look forward to continuing to guide our client through the Chapter 11 bankruptcy process,” Markowitz, Cavaliere, and Spizz said in a joint statement.
Having successfully negotiated this agreement with NYC Health + Hospitals on behalf of our client, Tarter Krinsky & Drogin looks forward to utilizing this invaluable experience to further assist other hotel clients considering a conversion of their hotels for temporary use by asylum seekers.
Tarter Krinsky & Drogin’s Bankruptcy and Corporate Restructuring Practice counsels clients on all aspects of bankruptcies, corporate restructurings, loan restructurings, individual debt restructurings, and workouts. With particular experience handling Chapter 11 and Chapter 7 proceedings, the team represents debtors, creditors, public and private companies, middle-market organizations, creditor committees, and individuals across the real estate, retail, manufacturing, and hospitality and service industries.
About Tarter Krinsky & Drogin: Celebrating 22 years of legal service, Tarter Krinsky & Drogin is a New York-based midsize law firm that focuses on effectively and efficiently representing companies of all sizes. With our clients’ business objectives and concerns top of mind, we focus on what matters – understanding what our clients need in order to succeed, partnering with them to achieve their goals, offering holistic and practical legal advice, and devising creative solutions to complex disputes. Purposefully designed to integrate seamlessly with any client’s business team, we are a vibrant, multidisciplinary law firm dedicated to smart thinking and strong client relationships. Learn more at http://www.tarterkrinsky.com.
|Cavaliere, Rocco A. Partner||Partner||212.216.1141|
|Markowitz, Scott S. Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||212.216.8005|
|Spizz, Alex Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||Partner and Co-Chair of Bankruptcy and Corporate Restructuring Practice||212.216.1155|