When a bank takes over a running business.....?

Question

I know I posted this yesterday, but I wanted more feedback from a different category...

work for a hotel that went into foreclosure a few months ago. The owner was unable to get additional financing, we now are ran by a court appointed receiver. It is independently owned, and we were told today to do an inventory of everything down to pencils, and people would be in tomorrow to do this for everything. The bank is taking over on Friday, what usually happens with this situation? We are a struggling, deteriorating property that isn't making much money. Do you think they will close the doors?

Answer 1

They will do whatever they can do get out of the business fast with as much money as possible.  If the place is making any money and could possibly be sold they'll probably keep it running while they try to sell it.  If its losing money and there is little chance of it being sold as an ongoing business they will probably shut it down (they won't sink any more money in to it than they absolutely have to - I guarantee that).