San Jose hotel files second Chapter 11 bankruptcy [Yahoo! Finance]
BrightSpire Capital, Inc. Class A (BRSP)
Company Research
Source: Yahoo! Finance
and liabilities ranging from $101m to no more than $500m, Silicon Valley reported. The move comes as the hotel's owner seeks to secure new financing and avoid a scheduled auction of the property due to financial disputes with its lender, BrightSpire Capital. As of July 2024, the lender had provided a financing package that amounted to approximately $165.3m. The hotel is currently behind on a junior loan of around $15m, which has triggered a notice of default and the potential auction of the property. The unpaid debt stands at $139m, according to BrightSpire's auction documents. Despite the bankruptcy filing, the hotel remains operational. The filing aims to delay the auction, but the trustee confirmed the auction was postponed. Signia by Hilton principal owner Sam Hirbod said: “The hotel will operate exactly as it has been. The doors are staying open. The guests will notice no difference.” This legal manoeuvre mirrors the hotel's previous financial distress when it exited
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BRSP
News
- Shareholders in BrightSpire Capital (NYSE:BRSP) have lost 32%, as stock drops 6.6% this past week [Yahoo! Finance]Yahoo! Finance
- BrightSpire Capital Announces $0.16 Per Share Dividend for Fourth Quarter 2024Business Wire
- BrightSpire Capital, Inc. Announces Third Quarter 2024 Financial ResultsBusiness Wire
- BrightSpire Capital: Loan Loss Risk Remains Elevated But Positive Signs Are Emerging [Seeking Alpha]Seeking Alpha
- BrightSpire Capital, Inc. Announces Third Quarter 2024 Earnings Release and Conference Call DatesBusiness Wire
BRSP
Earnings
- 10/29/24 - Beat
BRSP
Sec Filings
- 10/30/24 - Form 10-Q
- 10/29/24 - Form 8-K
- BRSP's page on the SEC website