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 Credit Suisse $676 Million Failed Loan in Las Vegas View next topic
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Credit Suisse $676 Million Failed Loan in Las Vegas
PostPosted: Fri Jul 18, 2008 8:02 pm Reply with quoteBack to top

Word came on 7/17/08 that the multiple affiliated borrowers on Credit Suisse (Caymans Branch) syndicated mortgage loan on the "Lake Las Vegas Resort" filed Chapter 11 bankruptcy. Credit Suisse is currently owed $676 Million, secured by 600+ acres of "unsaleable" land for development of homes, hotels, casinos, and a future golf cours, and a leaky man made lake...Lake Las Vegas.

Credit Suisse plans to offer more than $127 Million in debtor in possession financing to their borrowers/debtors, to pay to fix the leaky lake, so that it doesn't drain into the Colorado River and become just a gigantic mudhole, and to provide funds for the borrowers/debtors other operating expenses through July 2009. Credit Suisse states that it may try to syndicate the debtor in possession loan.

The debtor in possession financing has a one year maturity date, which most Las Vegas real estate pundits would say is not enough time to arrange a sale of the developable land at a price sufficient to pay Credit Suisse, mechanics lien claimants and other creditors.

To view the actual Bankruptcy Court documents see:


Click on Court Documents tab at left side of page. Of particular interest is the first of several documents numbered 0004, the debtors "Emergency Motion" to obtain the Credit Suisse debtor in possession financing. The case name and number are In re: In re Lake at Las Vegas Joint Venture, LLC, Case No. 08-17814 (LBR) United States Bankruptcy Court, District of Nevada.


As Yogi Berra said "It's like deja vu all over again."
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