Types Of Bankruptcy

Earlier this month, Hotel Mead in Wisconsin Rapids, Wisconsin went into foreclosure.  Despite this, hotel officials say that the business will remain operating and open for customers while executives look for a buyer.

The hotel’s owner, W R Hotel Properties, worked with WoodTrust Bank for more than a month to come to a deal that would allow the hotel to continue operating even if it went into foreclosure.  Under the agreement, WoodTrust Bank is authorized to manage the property and its sale.

Wisconsin Rapids Finance and Property Committee Chairwoman and City Council President Jean Young stated, “We are working with the bank and any prospective (buyers), so the city gets what we’re owed–but in a way to make sure the hotel does not go dark.”