By Grace Leong
<gracel@lasvegassun.com>
LAS VEGAS SUN
November 21, 2000
Vacation Village hotel-casino executives commented Monday for the first time on the property's financial troubles,
saying the property filed for bankruptcy protection to avoid being foreclosed on by creditors trying to "get
it on the cheap."
Vacation Village on south Las Vegas Boulevard filed for Chapter 11 bankruptcy on Friday, less than a month after
it was sued for allegedly defaulting on a $19 million loan from Wells Fargo bank subsidiary Foothill Capital Corp.
Foothill, a Los Angeles loan company, sued Vacation Village Inc., its affiliate Shangri La Ltd. and five individuals
it identified as general partners of Shangri La on Oct. 24, alleging they failed to repay a one-year loan of $19
million at an interest rate of 14 percent when it came due on Sep. 14. The suit said $19.35 million was due as
of Oct. 23. Shangri La, which owns a commercial shopping center called Sundance Plaza, did not file for bankruptcy.
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