Amarillo Landmark In Serious Trouble Due To Bankruptcy

Amarillo is a city rich in history. We have so many different buildings and things that have been around since the early 1900's, and we love to hang our hats on that. Route 66 is obviously a big piece of history.

However, we're not here to talk about Route 66, we're here to talk about one of the iconic buildings that Amarillo is known for. It's in trouble, and I mean big trouble right now.

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It was about a year and a half ago when we heard about the Herring Hotel getting a big makeover. The plan was to restore it to all its old glory and re-open it, much like they did with The Barfield.

Those plans have come to a screeching halt however. The Herring Hotel Development Company, the ones that own the beautiful piece of history, have filed for bankruptcy. That'll freeze up plans to restore it real quick.

As you may or may not know, there are all sorts of different bankruptcies that can be filed. Some allow you to restructure and pay off debts while remaining operational, some force you to sell off everything in order to pay off the debt with no restructure.

Sadly, the Herring Hotel Development Company has chosen the latter, which is known as Chapter 7 bankruptcy.

Under Chapter 7, the Herring Hotel Development Company will sell off all their nonexempt assets in order to pay off any debts to creditors and others whom they owe money to. In a lot of Chapter 7 cases, the person or company is just looking to get out of things altogether.

According to the explanation of Chapter 7 per uscourts.gov,

"Potential debtors should realize that the filing of a petition under chapter 7 may result in the loss of property."

In other words, it looks like the Herring Hotel will now be sold off to most likely the highest bidder. What they decide to do with it is their call. They could continue the restoration of the hotel and turn it back into a fully functional business, or they could raze the building to the ground and start fresh.

Only time will tell where this bankruptcy heads. For now, we sit and wait with bated breath.