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.
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