PFI Hospitality Files for Chapter 11 Reorganization

by Talk Business & Politics ([email protected]) 155 views 

PFI Hospitality has filed for Chapter 11 reorganization on its assets, including the 1929 Hotel Seville in Harrison.

The news was made public via a news release that cited excessive debt and lower-than-expected room sales among the reasons for the filing. The hotel and its restaurant, John Paul’s, will remain open.

PFI president Jack Moyer said in the release the company’s shareholders chose to file for Chapter 11 reorganization rather than “return the keys to our bank.”

“I am pleased to say the shareholders directed me to continue with a new plan, challenging the shortfalls that inhibit performance, and seek a strategy to see improved results for the community as a whole,” Moyer said.

“It will require some modification from our banks and shareholders, as well as other parties.”