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Bankruptcy
Disposition
Kitson
& Partners Provides Unmatched Turn-Around
Experience To Creditors
A golf and land development
company filed for protection under Chapter 11 in 1999, and
for almost a year tried, without success, to turn-around
their situation. The Creditors Committee became increasingly
frustrated, and in the fall of 2000 prevailed upon the bankruptcy
court to take management responsibility away from the owners
who were in default and bring in professional management.
The Creditors Committee, with Credit Suisse
in the dominant position, turned to Kitson & Partners
for management oversight and the eventual disposition of
the assets. K&P was hired by the bankruptcy court and
immediately took management control of ten properties throughout
the United States.
When the decision was reached by the court
to sell the properties, Kitson & Partners became responsible
for the ultimate disposition of five of the projects. With
the approval of the Creditors Committee, K&P developed
target prices for the disposition of the assets.
In less than a year, Kitson & Partners
had been instrumental in locating buyers and successfully
negotiating the sale of all five properties, meeting or
exceeding the target price objectives that had been set
with the Creditors Committee.
The
properties that K&P successfully disposed of for the
bankruptcy court were:
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Wedgefield
Golf Course Orlando, FL |
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The
Pines Golf Course Orlando, FL |
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Hillcrest
Golf Course Community Montverde, FL |
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Cotton
Acres Single Family Homes St. George, UT |
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Cotton
Manor Single Family/Multi Family Homes St. George, UT |
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