>Majority Owner of Budget Portfolio Properties files for bankruptcy

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A joint venture with a majority stakeholder based in Pittsburgh has filed for bankruptcy protection to avoid a $69 million foreclosure filing by Citizens Bank of Pennsylvania. Downtown-based FFC Capital Corp. is the portfolio manager and has a 90 percent stake in Budget Portfolio Properties LLC, a venture that owns 22 hotels in Minnesota, Wisconsin, Iowa, Michigan, Illinois and Texas.
Crain’s Chicago Business reported this week that Citizens Bank had filed foreclosure cases for properties around Chicago seeking a return on a loan of nearly $66 million with accrued interest and late fees, according to filings in the U.S. Bankruptcy Court in Sherman, Texas.

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