Sagecrest II LLC, the mother company of the local subsidiary that bought the Regal Constellation, has filed for bankruptcy in Connecticut.
The (very) long list of creditors includes Terrasan, the company currently doing demolition at the site, as well as the Canadian Revenue Agency.
I'm not entirely sure how this news will affect the Merchant Equity Group/Sagecrest partnership, but I imagine the Hyatt proposal is now in serious doubt.
Does anybody know if the Hyatt Regency near the airport is dead? Since it was announced in December, 2007, it seems to have gone away. I assume the land is flat and cleared, but perhaps the proposal is not moving forward.