Cliffs Club & Hospitality files for bankruptcy
- Wednesday, 29 February 2012
- Written by James Richardson
TRAVELERS REST, S.C. – On Tuesday, Cliffs Club and Hospitality Group Inc., which owns the Cliffs communities golf courses and amenities, filed for Chapter 11 bankruptcy protection.
The move was announced earlier this month. (See original story below.)
In its filing, the Travelers Rest-based company listed assets of less than $50,000 and debt from $100 - $500 million, according to a report on Bloomberg.com.
Cliffs Club’s parent, CCHG Holdings, and nine affiliates also sought protection.
The case was filed in U.S. Bankruptcy Court, District of South Carolina, Spartanburg.
Original Story (02/09/12, 1:36 p.m.):
TRAVELERS REST, S.C. – Travelers Rest-based Cliffs Club and Hospitality Group Inc. is filling for Chapter 11 bankruptcy, it was announced today.
The group owns the golf courses and amenities at the Cliffs Communities, including The Cliffs at Valley, The Cliffs at Glassy, The Cliffs at Walnut Cove, The Cliffs at Mountain Park, The Cliffs at Keowee, The Cliffs at Keowee Vineyards, The Cliffs at Keowee Falls, and The Cliffs at High Carolina.
Texas-based Carlile Group is said to be purchasing the clubs through the bankruptcy. The properties are planned to continue operation as luxury golf communities.
Mountain Park, currently under construction in northern Greenville County is expected to move forward. The fate of High Carolina, under construction near Asheville, has not been determined.
With the collapse of the housing market several years ago, Cliffs developer Jim Anthony attempted to solve growing debt problems by raising capital from homeowners and investors.
In April 2011, a Georgia-based group threatened foreclosure on over 100 Cliffs properties, claiming Anthony was behind $20 million in payments.
Troubles continued, and, in October 2011, the Bank of Travelers Rest and a Florida corporation filed foreclosure complaints against Anthony, alleging they were owed millions by Anthony.
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