Lake Las Vegas debtor granted final approval of $1.84 million DIP loan

By Caroline Salls

Pittsburgh, Oct. 28 - Lake at Las Vegas Joint Venture LLC debtor SouthShore Golf Club LLC obtained final court approval of its $1.84 million in debtor-in-possession financing, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Nevada.

The DIP lender is Dorfinco Corp.

As previously reported, the DIP facility will mature on the earliest of one year from the bankruptcy filing date, upon the closing of a sale of substantially all company assets, on the effective date of a plan of reorganization and upon the dismissal or conversion of SouthShore's bankruptcy case.

Interest will be Libor plus 650 basis points.

When requesting the financing, SouthShore said it needed the loan to pay the costs of operating its golf course, to meet payroll and employee benefit obligations and to pay its share of professional fees, costs and expenses related to the Chapter 11 bankruptcy case.

Lake at Las Vegas Joint Venture, LLC, a 3,592-acre master-planned residential and resort community, filed for bankruptcy on July 17. Its Chapter 11 case number is 08-17814.

© 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.