Despite filing for Chapter 11 bankruptcy on February 1, 2011, the Claremont Hotel in California is doing business as usual and even seeing a rise in guest reservations. The hotel is one of five to recently file for bankruptcy in the country.

The hotel came under new ownership when the financial company, Morgan Stanley, lost its control over the company due to a foreclosure. The hotel was forced to file for bankruptcy after acquiring a portion of a $1.5 billion mortgage debt. Under the stipulations of Chapter 11 bankruptcy, the hotel is able to remain open and reorganize its finances while paying off its debt.

If your business is facing financial troubles and considering filing for bankruptcy, please contact the Arizona Chapter 11 bankruptcy attorneys of the Harmon Law Office, LLC at 480-829-0494.