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Game Over for Golf Communities of America

ORLANDO-A U.S. Bankruptcy Court judge orders the five-year-old luxury shelter developer to sell four assets valued at about $11 million to pay off unsecured creditors. The developer has a debt load of $160 million with $130 million owed to Credit Suisse First Boston Mortgage Capital.

By Alex Finkelstein | Updated on September 04, 2000

It’s game over for five-year-old Golf Communities of America Inc. U.S. Bankruptcy Judge Arthur Briskman is ordering the Orlando luxury shelter developer to sell four assets valued at about $11 million to pay off unsecured creditors.

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.

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