Luxury Arizona Golf Retreat, Pine Canyon, Files for Chapter 11 Bankruptcy Protection
The Pine Canyon luxury 18-hole golf course and housing development, located in Flagstaff, Arizona, was recently forced to file for chapter 11 bankruptcy protection when it could not come to an agreement with its largest creditor. Johnson Bank had refinanced various acquisition and development loans for the company in 2008, and earlier this year demanded that Pine Canyon pay down an unspecified portion of its outstanding debt.
Under the terms of the bankruptcy, Pine Canyon hopes to sell quite a few existing and planned housing developments including three single-family residences, ten condominiums and townhomes, and 100 bare lots. The sales are expected to generate enough income to pay off about $25 million in debt. A formal restructuring plan will be filed with the court within 100 days from the bankruptcy filing date.
The president of Pine Canyon has said that he has no plans to cut any jobs or any services as a result of the bankruptcy. The golf course employs roughly 100 Arizona residents.
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