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Mon June 15, 2009
Executive Inn Deal Deadline Today
By Chris Taylor
Paducah, KY – A defaulted loan might prevent a final deal between Paducah's Executive Inn Owner Bhupinder Singh and the Inn's buyer Bill Parsons. Singh has defaulted on a four million dollar loan and is facing foreclosure. The report indicates Singh hasn't made payments on the note since January. Further complicating the deal, the hotel's current operators voluntarily turned off the power this morning after Paducah Power System said it would pull the plug this afternoon if a fifty-two thousand dollar past due bill was not paid. Parsons has been working to buy the hotel for about a year. Singh has denied any discussion of foreclosure, but the organization that handles the loan says a default notice was sent June second.