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LAS VEGAS-The Washington, DC-based Union Labor Life Insurance Co., a partner in the Fontainebleau Las Vegas project, could be a potential source of additional funds to complete the $3 billion resort, now that Fontainbleau Las Vegas LLC has filed for bankruptcy. According to a report in the Las Vegas Business Press, “Fontainebleau’s sudden bankruptcy filing last week could give developers some breathing room in securing additional financing from current partners such as Ullico.”

As reported on GlobeSt.com recently, work at the construction site has shifted from construction to asset preservation recently. The latest news suggests that could change if the resort’s developers gain access to more cash to complete the development.

The project is involved both in the bankruptcy proceedings and in a lawsuit in which Fontainbleu is suing the Bank of America, for holding back $800 million in previously committed financing meant to fund the completion and opening of the resort. The bankruptcy and the lawsuit are being heard by the same judge.

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