- Associated Press - Tuesday, May 26, 2015

BUTTE, Mont. (AP) - The company that owns the Copper King Hotel in Butte has filed for bankruptcy protection, postponing a public auction that was set for next week.

Ken Burningham, president of the Cimarron Group Inc., told The Montana Standard (https://bit.ly/1HJ5szd ) on Monday that the company filed for bankruptcy. He declined further comment.

The company filed for Chapter 7 bankruptcy, in which the debtor’s assets are sold and the proceeds are distributed to creditors.

The vacant hotel was facing a foreclosure sale Monday unless the Cimarron Group paid more than $47,000 in delinquent loan payments owed to First Citizens Bank in Butte and more than $60,000 in unpaid taxes.

Burningham closed the hotel in January 2014.

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Information from: The Montana Standard, https://www.mtstandard.com

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