Hawthorns Golf creditor seeks OK to buy assets, help in closing sale

By Caroline Salls

Pittsburgh, Oct. 28 – Hamilton Proper Partners Golf Partnership, LP secured creditor HGCC Lender, LLC said it submitted the only qualified bid for substantially all of the company’s assets, and it will seek approval of the sale as part of the Oct. 29 hearing on confirmation of the plan it filed for Hamilton Proper’s Chapter 11 case, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Indiana.

HGCC said the sale could close as early as Thursday or Friday.

As previously reported, HGCC’s stalking horse bid includes a $5.5 million cash component, of which $5 million will be paid via an offset/credit against the HGCC secured claim if that claim is still outstanding and paid in cash if not, plus a $500,000 cash payment, plus value equal to the replacement of initiation fee refund rights to members, plus value equal to the amount of pre-paid credits honored, plus value equal to the assumption of assumed contract and lease liabilities, plus the value of a projected $1.34 million capital improvement commitment.

On Tuesday, HGCC asked the court to enter an order to assist the plan agent and HGCC Lender in the closing of the sale and to assure that the assets are fully preserved for the benefit of the estate and for the benefit of HGCC Lender as purchaser.

Specifically, HGCC wants the court to order the company not to remove assets from its clubhouse, to cooperate with the ownership transition and to turn over records and bank statements.

In addition, HGCC said the court order should give the plan agent permission to change the locks and alarm codes at the clubhouse and related facilities, to hire a security service, if deemed necessary, and to terminate the company’s employees and their rights and benefits in connection with the sale closing.

Hamilton Proper, which does business as Hawthorns Golf & Country Club, is the Indianapolis-based owner of private membership golf club Hawthorns. The company filed for bankruptcy on Jan. 24, 2014. The Chapter 11 case number is 14-00461.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.