Centris FCU Hopeful of Commercial Developer's Reorganization Plans

OMAHA, Neb. — The $383 million Centris Federal Credit Union said it is optimistic that Kendall Hospitality LLC, a commercial development firm that filed for Chapter 11 bankruptcy on April 8, will be able to put together a reorganization plan that will be satisfactory to the financial institution, which is the firm’s creditor.

Kendall Hospitality operated a water park and was preparing to work on several hotel renovations scheduled to take place in the fall of 2007. Centris FCU secured a commercial loan for Kendall in December 2005. According to Jackie Armstrong, an administrator with the United States Bankruptcy Court for the District of Nebraska, Kendall had until April 23 to submit additional documents, but it is likely that an extension would be granted.