Coco Beach Golf requests immediate access to $250,733 of DIP loan

By Mark Reccek

Bethlehem, Pa., Oct. 21 – Coco Beach Golf & Country Club, SE asked for court approval to access up to $250,733 of its debtor-in-possession loan after the club’s electricity was turned off, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the District of Puerto Rico.

According to the motion, on Oct. 13 the company’s electricity provider, the Puerto Rico Electric Power Authority (PREPA), shut down all power to the golf and country club, because the company was unable to post adequate assurance of payment. The company said the termination of electricity by PREPA is interfering with and causing immediate damage to business operations.

The company also said access to the funds will allow the business to continue operating.

“This relief will enable debtor to avoid further immediate and irreparable harm and operate the golf and country club in a manner that will permit it to preserve and maximize value pending the final hearing on the DIP motion,” Tuesday's motion said.

Coco Beach Golf, a San Juan-based golf club, filed for bankruptcy on July 13 in the U.S. Bankruptcy Court for the District of Puerto Rico. The Chapter 11 case number is 15-05312.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.