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INN OF THE SEVENTH MOUNTAIN RESOLVES BANKRUPTCY

 BEND, Ore., Feb. 26 /PRNewswire/ -- The Inn of the Seventh Mountain, the popular Central Oregon resort near Mt. Bachelor, announced today that its reorganization plan has been accepted by Oregon bankruptcy court. The former management company of the Inn had filed for Chapter 11 Bankruptcy protection Nov. 19, 1991.
 The new management plan was overwhelmingly accepted by the Inn's creditors, and takes effect immediately. Under the terms of the plan the debtor management company will be replaced by a new management company called 7th Mountain Management Inc. The management company is made up of most current condominium owners at the Inn. The new company has acquired the core buildings, convention center, administrative offices and other facilities from Moana Corp., who formerly owned the non-condominium assets of the Inn.
 Capitol Hotel Group Inc., a nationally respected hotel and resort management firm, has been appointed to handle the on-site management of the Inn. David L. Quiros has been named general manager. Capitol Hotel Group and Quiros have been responsible for day-to-day operations since March 1992.
 New rental agreements have been signed by an overwhelming number of the condominium owners, according to Dick Winkenwerder, president of 7th Mountain Management Inc., the new owners. "The partnership between the condominium owners and Capitol Hotel Group Inc. will be beneficial for both guests and condominium owners. The master plan for the property continues, with a guest room remodeling plan currently underway and a long-term plan for expanded and improved facilities a high priority."
 Quiros is also optimistic about the future of the Inn. "The new plan puts us in a very good position to move forward," he noted. "The Inn is a very attractive and viable property. Cooperation and good management were all that was needed to make it profitable."
 The Inn of the Seventh Mountain is one of the Northwest's most popular year-round resorts. The destination resort facility is comprised of 230 individually owned condominiums, along with extensive conference, meeting and recreational facilities and is the closest lodging to the Northwest's premier ski destination, Mt. Bachelor.
 -0- 2/26/93
 /CONTACT: Jennifer Ralston of Ralston-Barber Communication, 503-388-2003, for The Inn of the Seventh Mountain/


CO: Inn of the Seventh Mountain; 7th Mountain Management Inc.; Capitol
 Hotel Group Inc.; Moana Corp. ST: Oregon IN: LEI SU:


LM-SG -- SE012 -- 1080 02/26/93 18:58 EST
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Publication:PR Newswire
Date:Feb 26, 1993
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