Bankruptcy judge approves Florida developer's reorganization plan in Chapter 11 case
A bankruptcy judge in Florida recently approved the reorganization plan for Fiddler's Creek, the developer of a 6,000 unit community development district near Naples.
A bankruptcy judge in Florida recently approved the reorganization plan for Fiddler's Creek, the developer of a 6,000 unit community development district near Naples.
The company filed for protection under Chapter 11 bankruptcy law more than 17 months ago and has been working on the reorganization plan for more than a year, according to the Naples News.
A new company will take over as the master developer for Fiddler's Creek's golf course community with Aubrey Ferrao, founding developer of Fiddler's Creek, taking over as principal shareholder of the new entity, the news source states.
“The people here, for the most part, thoroughly enjoy living here,” Phil Brougham, a retiree who has lived in Fiddler's Creek for 11 years, told the news source. “This is like a cloud that has been hanging over this development for 18 months. It’s always good to see that the cloud may be lifted.”
According to the news source, the reorganization plan will wipe out roughly $90 million in mortgage debt and the new developer will receive $45 million in capital to work with moving forward.
Need Help Filing Bankrutpcy?
Complete the form below and an attorney near you will call you to discuss your options. The form only takes a few minutes to complete, so get started now!
Like this article? Please link to it using the code below:
These articles are all written by BankruptcyHome.com's great editors and contributors. If you would like to write articles for BankruptcyHome.com, please email editor[at]bankruptcyhome.com.
Related Articles
Is Bankruptcy Right For You?
If you are ready to find out if Bankruptcy can help improve your financial situation, the best place to start is our Free Case Evaluation form. Complete the form below and an attorney near you will call you to discuss your options. Bankruptcy law differs from state to state so it's important that you discuss your case with a local bankruptcy attorney. The form only takes a few minutes to complete, so get started now!