MSR Resort Golf eyes continued use of cash collateral through June

By Lisa Kerner

Charlotte, N.C., Oct. 12 - MSR Resort Golf Course LLC wants to extend its use of cash collateral through June 12, 2012 from Oct. 31, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The debtors have yet to reach a consensual agreement with its loan servicer regarding the continued use of cash collateral, despite continued negotiations, according to the filing.

Continued use of the cash collateral is essential to "the preservation and maintenance of the value" of the debtors, their continued operations, and the restructuring, MSR said through the filing.

MSR Resort owns and operates five resorts, including the Grand Wailea Resort Hotel & Spa in Maui, Hawaii; the La Quinta Resort & Club and PGA West in La Quinta, Calif.; the Arizona Biltmore Resort & Spa in Phoenix; the Doral Golf Resort & Spa in Miami; and the Claremont Hotel Club & Spa in Berkeley, Calif.

The New York-based company filed for bankruptcy on Feb. 1, 2011. The Chapter 11 case number is 11-10372.

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