MSR Resort eyes 120-day exclusivity extension to implement initiatives

By Caroline Salls

Pittsburgh, May 10 - MSR Resort Golf Course LLC is seeking an extension to its exclusive periods for filing a plan of reorganization and soliciting votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period by 120 days to Sept. 29 and the solicitation period by 120 days to Nov. 28, 2011.

According to the motion, MSR Resort will use the extended exclusivity periods to implement a number of initiatives that will significantly affect its business plan. The initiatives include a restructuring of club membership agreements, the sale of the company's Doral Golf Resort & Spa and a restructuring, replacement or termination of existing resort management and branding agreements.

The company said its stakeholders will use these initiatives to evaluate its financial performance, and the initiatives will form the basis for a successful exit from Chapter 11 bankruptcy.

A hearing is scheduled for May 26.

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. The Chapter 11 case number is 11-10372.

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