MSR Resort Golf Course DIP financing increase and extension approved

By Caroline Salls

Pittsburgh, Jan. 26 - MSR Resort Golf Course LLC received court approval to expand its existing debtor-in-possession financing to $45 million and extend the maturity to June 30, 2012, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company said it needs an additional $15 million of DIP financing to continue to satisfy obligations, undertake capital expenditures, cover the costs of administering its Chapter 11 case and fund other portfolio-level expenses that arise over the next few months.

The original $30 million loan was set to expire on March 21.

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, 2011. The Chapter 11 case number is 11-10372.

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