Cliffs Club plan, statement deadline extended to May 22 from May 13

By Caroline Salls

Pittsburgh, May 7 - The Cliffs Club & Hospitality Group, Inc.'s deadline for filing a plan of reorganization and related disclosure statement has been extended to May 22 from May 13, according to a stipulation filed Monday with the U.S. Bankruptcy Court for the District of South Carolina.

Parties to the extension stipulation include indenture trustee Wells Fargo Bank, NA, the company's pre-bankruptcy bridge lender, its debtor-in-possession financing lender, stalking horse bidder Carlile Development Group, Steve and Penny Carlile of Marshall, Texas, and the Cliffs Club partners.

Under the stipulation, the delayed plan and statement filing will not constitute a default under Cliffs Club's DIP loan or breach of the bid procedures order and other orders.

In addition, the stipulation allows the company to file a motion to extend its exclusive plan-filing and vote solicitation periods without triggering an event of default on the DIP facility or breach of the bid procedures and other orders.

Travelers Rest, S.C.-based Cliffs Club owns luxury golf communities. The company filed for bankruptcy on Feb. 28 under Chapter 11 case number 12-01220.

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