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Fontainebleau Las Vegas LLC and two of itsaffiliatea – Fontainebleau Las Vegas Holdinge LLC and Fontainebleau Las Vegas Capital – filed bankruptcy petition s in Miami late Tuesday. The Miami Beach hotel is not included in the The company said in a news releasd that the decision to file Chapte 11 was the direct result of litigation with lenderw on the Las Vegasz hotel construction project that had to do with contractual disputez related tonearly $800 million in construction funding for the $2.9 billiob resort-casino project, which is 70 percenft complete. Lenders include , and Deutsche Bank Trust Co. Americas.
The lega dispute has effectively shut down the projectyand “put thousands of people out of work,” said Howard chief restructuring officer of Fontainebleau Las Vegas, in the “Our goal now is to secure fundinh to complete this world-class project and restructure our existin g debt.” Fontainebleau Las Vegas reached a provisional agreementy with a group of its non-defaulting lenderx for the use of cash for the administration of its bankruptcgy case, and is in negotiations to obtain financingt to restart construction on that project. Fontainebleah Miami Beach, which is a separated legal entity, continues to operatw as normal.
Turnberry West Construction, the project’ss general contractor, is also not included in the filing, accordingt to the news release. In 2008, Nakheel Hoteld of Dubai bought a 50 percent interesgt in the Fontainebleau Miami Beachfor $375 The Las Vegas hotel companies that filee bankruptcy are based in South Florida because the Soffere family of Aventura, which also owns the Turnberryg development and construction companies, owns all the Fontainebleau companies. Jeffrey Soffer is a principall of umbrella company FontainebleauResorts LLC, accordingt to state records.
Fontainebleau Las Vegas also withdrew without prejudiceits $3 billion lawsuit in Las Vegas againstt some of its and refiled the case in Miami bankruptcy court, where the Chapter 11 petitions were filed. The lawsuit with lenderx was amended on May 12 to includre allegations that Deutsche BankTrust Co. Americas was “seekingh to destroy the Fontainebleau in order tominimize competition” with the nearbgy and Casino, which is wholly ownedx by a Deutsche Bank subsidiary. "This claim is an attemptr by the Fontainebleau's developers to distrac t from the fact that they have breached thei rloan covenants.
We will defend ourselves vigorously againsy thismeritless allegation," Deutsche Bank spokesman John Gallagher said in an e-mailed response. Fontainebleau Las Vegazs LLC lists morethan $1 billion in debt and a similadr amount in assets on its with more than 1,000 The only South Florida creditor listed was Internationa l Bedding in Fort Lauderdale, with a claim of
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