CHICAGO-Grand Bear Resort of Grizzly Jack has filed for Chapter 11 bankruptcy petition in U.S. Bankruptcy Court in Chicago. Since the resort was not able to refinance a loan of $8 million, it has filed for bankruptcy protection.
The resort was not able to make an agreement with a fund operated by Minneapolis-based Dougherty & Co. in order to renegotiate the loan. The loan, which came due on December 31, was issued in 2005 for an amount of $9 million. For the full story, go to Crain's Chicago Business.
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