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GRAND TRAVERSE RESORT REFILES CHAPTER 11 PETITION

 GRAND TRAVERSE RESORT REFILES CHAPTER 11 PETITION
 TRAVERSE CITY, Mich., July 7 /PRNewswire/ -- Grand Traverse Resort


refiled a Chapter 11 bankruptcy petition in Grand Rapids today after unsuccessfully attempting to negotiate a settlement with its primary partner/lender, the General Retirement System of the city of Detroit.
 Simultaneously, the resort filed a plan of reorganization which will provide for full payment to general creditors and which will allow the bankruptcy court to determine the amount necessary to pay the General Retirement System.
 As before, the Chapter 11 bankruptcy will permit the resort to continue to operate and deliver the same high level of first-class service to all of its guests. Richard Erb, the resort's chief operating officer, observed that recent surveys show a record high level of customer satisfaction -- a real compliment to a dedicated staff.
 -0- 7/7/92
 /CONTACT: Daniel Weiner, Esq., 313-540-3340, for Grand Traverse Resort/ CO: Grand Traverse Resort ST: Michigan IN: LEI SU: BCY


JG -- DE006 -- 6946 07/07/92 11:03 EDT
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Publication:PR Newswire
Date:Jul 7, 1992
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