Tawas Holiday Inn files for Chapter 11

The Bay City Times reports that the Tawas Holiday Inn files for Chapter 11

Owners of the Tawas Bay Holiday Inn filed for Chapter 11 bankruptcy protection on Tuesday in a move to stave off creditors. The 103-room resort in East Tawas is the city's largest employer and taxpayer.

The Chapter 11 filing allows the resort to stay open and postpones a bank's foreclosure on the hotel's $2.65 million mortgage, according to Roger McIntosh, one of the Holiday Inn's owners.

A court hearing will be held in 20 days to review plans for how the hotel can pay its creditors and emerge from bankruptcy, he said.