From NASDAQ.com
Judge Says Resorts Can Borrow On New Bankruptcy Loan
A judge on December 13 said a group of well-known luxury resorts can begin borrowing on a new loan from Five Mile Capital Partners and owner Paulson & Co. to help fund them through bankruptcy.

Judge Sean H. Lane of U.S. Bankruptcy Court in Manhattan approved the resort owners' request to immediately start tapping $10 million of the $15 million, less than two weeks after they had requested the money.

Lane in November gave the resorts more time to control their bankruptcy case until either February or sooner, depending on whether a pending fight with Hilton Worldwide ends. The resorts are trying to nix three management agreements with Hilton, whose Waldorf Astoria brand manages three of the resorts in bankruptcy: the Arizona Biltmore Resort & Spa in Phoenix, Hawaii's Grand Wailea Resort Hotel & Spa and La Quinta Resort & Club in Palm Springs, Calif.

As part of its effort to shed its properties, the resort group is selling Marriott-managed Doral Golf Resort & Spa to Donald Trump's hotel group for $150 million, down from a $170 million bid announced earlier. Click here for the full story.