Ginn FInally Files...

...defaulting on a $675 million loan...Jeff Ostrowski reports (thanks Steven T.)

Two affiliates of Celebration-based Ginn Resorts last week filed a flurry of Chapter 7 petitions. Ginn sought bankruptcy protection for Tesoro and for Quail West in Naples. Tesoro will continue operations under the supervision of the bankruptcy court and a court-appointed trustee until the property is sold, Ginn said in a statement.

The two Ginn subsidiaries, Ginn-LA CS Borrower LLC and Ginn-LA Conduit Lender Inc., owe Credit Suisse $675 million. Ginn defaulted on loan payments in June and had been negotiating with its lender since then.

The loan covered Tesoro, Quail West, Ginn sur Mer in the Bahamas and Laurelmor in North Carolina. Ginn said it has found a new owner for Laurelmor and entered into a joint venture with the lender to complete Ginn sur Mer. 

Comments

[Mike C.]

What did those bumper stickers used to say..."honk if Bobby Ginn owes you money" ?? Looks like they'll be making a comeback :D

[sir real]

Ginn is the poster child for the greed that results in the financial mess we're in now. But he also plays the game to a level few others can match. File for protection...dump the debt and come the other side to pillage again.

[taffy]

Best thing out the Ginn mess in NC is that the Reynolds Plantation people bought Laurelmoor. They are a class act with deep pockets of cash that can make a development fly.
Ginn must be a piece of work, capable of selling snow and ice to Eskimos. What he seems to have learned is how to structure all the entities separately and not risk his own stuff. Good lawyering I suppose.