| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers M > Headlines for MSR Resort Golf Course LLC > News item |
MSR Resort gets shortened exclusivity extension; court to revisit request during June hearing
By Lisa Kerner
Charlotte, N.C., May 26 - MSR Resort Golf Course LLC was granted an extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.
The court extended the company's exclusive filing period to June 30 from June 1 and the solicitation period to Aug. 29 from Aug. 1.
MSR Resort had requested that its exclusive periods be extended by 120 days, to Sept. 29 and Nov. 28, respectively.
However, MSR Resort, the official committee of unsecured creditors, Midland Loan Services, Inc. and others collectively known as the "Parties" agreed to a stipulation extending the exclusive periods to June 30 and Aug. 30 and rescheduling the hearing on the original motion on the 120-day extension to June 28, the filing said.
As previously reported, MSR Resort said it would use the extended exclusivity periods to implement a number of initiatives that will significantly affect its business plan. The initiatives include a restructuring of club membership agreements, the sale of the company's Doral Golf Resort & Spa and a restructuring, replacement or termination of existing resort management and branding agreements.
The company said its stakeholders will use these initiatives to evaluate its financial performance, and the initiatives will form the basis for a successful exit from Chapter 11 bankruptcy.
MSR Resort owns and operates five resorts, including the Grand Wailea Resort Hotel & Spa in Maui, Hawaii; the La Quinta Resort & Club and PGA West in La Quinta, Calif.; the Arizona Biltmore Resort & Spa in Phoenix; the Doral Golf Resort & Spa in Miami; and the Claremont Hotel Club & Spa in Berkeley, Calif.
The New York-based company filed for bankruptcy on Feb. 1. The Chapter 11 case number is 11-10372.
© 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.