The creditors are owed about $25 million. The developer's lead lender, Credit Suisse First Boston Mortgage, is owed $130 million. The developer is struggling with a debt load of $160 million.
The company remains under Chapter 11 protection until the court dissolves the case. Industry observers familiar with the firm's problems tell GlobeSt.com Golf Communities will liquidate all its assets shortly.
Golf Communities' remaining assets of about $65 million will go to Credit Suisse First Boston, the judge ruled. The bank provided $250,000 to the unsecured creditors to operate the properties until they are sold.
On the selling block are Hillcrest Country Club, Orlando; Wedgefield Golf & Country Club, east Orange County; The Pines in Deltona, FL; and CottonAcres/Cotton Manor, Salt Lake City, UT.
Golf Communities of America Inc. merged with Golf Venture Inc. of Salt Lake City in 1995. Golf Communities filed for Chapter 11 protection in 1999 after Credit Suisse closed the funding pipeline on the developer.
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