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Seneca Financial Group, Inc., a Greenwich, Connecticut based merchant bank, has been retained as the financial advisor to Kronish, Lieb, Weiner & Hellman in connection with its legal representation of Sullivan County, New York and the county's tax claims arising from the bankruptcy of The Concord Resort Hotel. The Concord Resort Hotel is a 1,200-room destination hotel located in the Catskill Mountains of upstate New York (approximately 2 hours from Manhattan). A major attraction to The Concord is the Monster Golf Course, which is leased from an affiliate. The course was ranked by Golf Digest, in recent years, as one of the nation's leading resort golf courses. The resort boasts a further 27 holes of golf in addition to the Monster course, 40 tennis courts and a million gallon swimming pool. The Concord Resort Hotel and affiliates filed for Chapter 11 bankruptcy protection in New York on February 27, 1997. On June 11,1998, Seneca filed a report, with the United States Bankruptcy Court- Southern District of New York, on the Revised Third Amended Disclosure Statement and the Revised Fourth Amended Plan of Reorganization of the Debtors Fre-Par Laboratories, Inc., Concord Development Corp. and Kiamesha Concord Inc. Seneca's report focused its analysis on the ability of Concord Associates, L.P. ("Concord") to meet its obligations to creditors and affiliates of the Debtors under the Plan. Seneca's analysis also assessed the future viability of Concord in terms of its proposed capital structure as well as the reasonableness of the performance improvements envisioned in the financial forecasts contained in the Disclosure Statement and the Offering Memorandum. The Debtor's Plan was subsequently withdrawn on July 6, 1998. Press Release Index |
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