The Chapter 11 petition that 5th Avenue Partners LLC filed Friday halts a state court hearing slated for Monday at which lender WestLB AG Bank would have sought the appointment of a receiver to take over the company's assets, including the Se San Diego Hotel and the adjacent building that houses the House of Blues.
The bank had sought the receivership in connection with 5th Avenue's default on about $67 million in outstanding loans, secured by substantially all of the company's assets, court papers show.
The Se San Diego, located in San Diego's financial district, was plagued with challenges before it even opened its doors at the end of 2008
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