Sports Shinko Group of Tokyo, once one of the world's largest golf property owners and entrepreneurs, filed for the equivalent of a Chapter 11 protection plan in Japan while its American subsidiary, Sports Shinko Florida Co. Ltd., filed for Chapter 7 liquidation in U.S. Bankruptcy Court in Tampa, FL.
The 1,000-acre, three course property, midway between Orlando and Tampa, will shut down tomorrow (Feb. 22). Court officials tell GlobeSt.com Sports Shinko Florida hadn't listed assets, liabilities or filed full financials on its initial petition Feb. 18 and has two weeks to do so.
But brokers, vendors and suppliers intimate with the property tell GlobeSt.com on condition of anonymity the debt load is expected to exceed $50 million. Grenelefe's payroll numbers about 400 staffers.
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