more than $10 million in debt. The filing did not list what it owes to its secured creditors, which the company identified in a news release as Fifth Third Bank, Aries Real Estate Fund of Chicago and Edgewater Finance of St. Louis. Its largest unsecured creditors are the Internal Revenue Service, which is owed more than $400,000, and the Illinois Department of Revenue, which is owed more than $240,000 in various taxes.
Victor Mattison of St. Louis, who along with Rockford’s Michael Ellis, owns Cliffbreakers, 700 W. Riverside Blvd., said they already have negotiated a substantial reduction of its debt with its secured creditors that should allow the operation to emerge from bankruptcy with much better cash flow.hotel and restaurant will remain open, Mattison said.
In Chapter 11, companies are protected from creditors while working out better financial terms. Mattison said they hope to emerge from bankruptcy protection in 90 to 120 days
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