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HERITAGE HOTEL FILES FOR REORGANIZATION AND PROTECTION UNDER CHAPTER 11 OF THE U.S. BANKRUPTCY CODE

 HERITAGE HOTEL FILES FOR REORGANIZATION AND PROTECTION
 UNDER CHAPTER 11 OF THE U.S. BANKRUPTCY CODE
 LAS VEGAS, Nov. 20 /PRNewswire/ -- National Heritage Industries Inc. (NHI) (NYSE: NHR) announced today that Heritage Hotel Limited Partnership (HHLP), of which NHI is the sole general partner, had filed on Nov. 13 for reorganization and protection from creditors under Chapter 11 of the United States Bankruptcy Code in the Federal Bankruptcy Court in Las Vegas. HHLP is the developer of a hotel known as the Chaparral Hotel in Las Vegas. In July 1991, HHLP had been notified that the hotel's lender had caused a notice of foreclosure to be filed on the hotel property. The filing of the Chapter 11 proceeding was prompted as result of the pendency of the foreclosure notice and the inability, to date, of HHLP to consummate a sale of the hotel property. HHLP is continuing negotiations for the sale of the hotel property. HHLP anticipates that a successful consummation of a sale on the hotel property would lead to a successful reorganization of the partnership pursuant to the Chapter 11 filing.
 -0- 11/20/91
 /CONTACT: Fred Keiserman of National Heritage Industries Inc., 702-382-1200/
 (NHR) CO: National Heritage Industries Inc. ST: Nevada IN: HEA SU: BCY


DM-CH -- LA015 -- 5461 11/20/91 13:04 EST
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Publication:PR Newswire
Date:Nov 20, 1991
Words:217
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