MSR Resort Golf Course second amended reorganization plan confirmed

By Caroline Salls

Pittsburgh, Feb. 22 - MSR Resort Golf Course LLC's second amended plan of reorganization was confirmed Friday by the U.S. Bankruptcy Court for the Southern District of New York.

Treatment of creditors will include the following:

• Administrative claims, mortgage loan claims against mortgage debtors, first mezzanine loan claims against first mezzanine debtors, debtor-in-possession claims and other priority claims will be paid in full in cash;

• Holders of other secured claims will either be paid in full in cash, receive the collateral securing the claims or have their claims reinstated;

• Holders of Hilton claims will either receive payment in full in cash without post-bankruptcy interest or payment in full in four installments with post-bankruptcy interest;

• Holders of Marriott claims will receive payment of the principal amount of the Marriott note in full in cash;

• Holders of Miller Buckfire claims will retain the $2 million received under a settlement and receive payment in full in cash without post-bankruptcy interest or payment in full in four installments with post-bankruptcy interest;

• Holders of general unsecured claims against non-tenant debtors and general unsecured claims against tenant debtors will receive either payment in full in cash without post-bankruptcy interest or payment in full in four installments with post-bankruptcy interest;

• Second mezzanine loan claims against second mezzanine debtors will be assigned to the purchaser;

• Holders of third mezzanine loan claims against third mezzanine debtors will receive the consideration set forth in the purchase agreement;

• Intercompany claims will be canceled without distribution but can be reinstated by the liquidating trust after the plan effective date; and

• Fourth mezzanine loan claims against fourth mezzanine debtors, subordinated securities claims and all interests will be canceled without distribution.

MSR Resort owns and operates five resorts. The New York-based company filed for bankruptcy on Feb. 1, 2011. The Chapter 11 case number is 11-10372.

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