Jan
23

Daufuskie Resort Files for Bankruptcy

By
– Charleston Regional Business Journal

With debts ranging from $50 million to $100 million, Daufuskie Island Properties, LLC filed for Chapter 11 bankruptcy protection Wednesday in federal court in Charleston.

Creditors have until June 4 to lay claim against the assets of the company, which owns the Daufuskie Island Resort and Breathe Spa, according to court records. The resort and spa includes two golf courses, tennis courts, several restaurants, the Melrose Inn and an equestrian center.

Chapter 11 protection allows a debtor to reorganize or liquidate assets under a court-ordered plan. The company can continue to operate under Chapter 11. Tim Foley, the asset manager for Daufuskie Island Properties, said in a statement that the facility plans to reopen for the 2009 tourist season.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://charlestonbusiness.com/news/26236-daufuskie-resort-files-for-bankruptcy
Be Sociable, Share!
    Categories : Charleston

    Comments are closed.