The announcement says that the Chapter 11 entities requested the Court to ‘reject the QM Agreements’. These are the costs associated with holding the Queen Mary Long Beach.
The last chapter of ill-fated Eagle Hospitality Trust, known for having The Queen Mary Long Beach as one of its IPO properties, is finally being written.
On June 8, 2021, DBS Trustee announced that the Chapter 11 Entities filed a motion with the US Bankruptcy court on June 4. This motion authorises Urban Commons Queensway (UCQ), to abandon any personal property remaining at the Queen Mary Long Beach property on the basis that the costs associated with removing, storing, and liquidating any such personal property will likely approach or exceed their residual value. The hearing will be on July 7. Also on June 4, UCQ surrendered the Queen Mary Long Beach to the lessor, the City of Long Beach.
