- Associated Press - Friday, February 17, 2017

TEXARKANA, Ark. (AP) - The owner of Texarkana Hotels is seeking approval to sell the bankrupt Arkansas Convention Center for more than $6.5 million.

The Texarkana Gazette (https://bit.ly/2kRFkcI ) reports that Hiren Patel filed a motion Feb. 10 seeking authorization from a bankruptcy judge to sell the property to James Naples for $6.5 million in cash.

The motion also seeks to convey tax benefit agreements from the city of Texarkana, Arkansas, and the city’s Advertising and Promotion Commission.

The city and the commission filed objections. They say the agreements negotiated in 2009 say the tax benefits can’t be conveyed without the approval of the city.

Texarkana Hotels filed for bankruptcy last year amid MidSouth Bank’s efforts to foreclose on the property and recoup millions in unpaid debt.



___

Information from: Texarkana Gazette, https://www.texarkanagazette.com

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide