10 months ago
A downtown landmark could soon get a new owner. Earlier this morning, a bankruptcy court judge put Statler Towers into chapter eleven bankruptcy. The latest move for the cash-strapped building, allows the court to soon put it up for auction. It could be as early as next month.
The judge appointed Morris Horwitz as the building's trustee. He will run the building, accept tenant lease payments, and start paying its utlity bills and upkeep. He's also responsible for making Statler's May 4th payment to National Fuel. The previous owner, British Developer Bashar Issa, owes the utility more than $200,000. If it doesn't make the weekly payment in May, the utility says it will turn off the building's power.
The judge and its tenants say this payment arrangement will keep the gas on and tenants safe from hurting their business. Park Lane Catering is one of those tenants. It says scheduled wedding parties, proms and other events will not be impacted by today's court's decision.
