MSR wins approval of $150M sale - The Deal Pipeline (SAMPLE CONTENT: NEED AN ID?)
Subscriber Content Preview | Request a free trialSearch  
  Go

Restructuring

Print  |  Share  |  Reprint

MSR wins approval of $150M sale

by Aviva Gat  |  Published March 5, 2012 at 3:30 PM
MSR-wins-approval-of-$150M-sale.jpgAn affiliate of Donald Trump's Trump Organization LLC is set to take over the Doral Golf Resort & Spa in Miami.

Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York in Manhattan approved the sale of MSR Resort Golf Course LLC's property on March 2.

The Trump affiliate, Trump Endeavor 12 LLC, will pay $150 million for the resort. Trump was set to be the stalking-horse bidder for a Feb. 27 auction, but no other bids were received.

According to a statement from Trump, the Trump Organization plans to make a major investment in the resort and golf courses with the intention of restoring Doral to its former grandeur. Trump expects to assume operation of the resort by June and renovations are expected to be completed in the fall of 2013. The resort will operate through the multimillion-dollar renovations.

The Doral Golf Resort & Spa, which opened in 1962, has 692 rooms and suites, as well as five championship golf courses. It hosts an annual PGA tour event, court papers said.

MSR and 29 affiliates filed Chapter 11 petitions on Feb. 1, 2011, due to the impending of about $1.5 billion in debt.
Share:
Tags: auction | Donald Trump | Doral Golf Resort & Spa | Judge Sean H. Lane | MSR Resort Golf Course LLC | stalking-horse bidder | Trump Endeavor 12 LLC | Trump Organization LLC | U.S. Bankruptcy Court for the Southern District of New York in Manhattan

Free preview

This is only a preview of The Deal's sophisticated coverage. Explore the real-time intelligence as researched and reported on by our team of financial journalists with a license to The Deal Pipeline. Click here for more information.

Meet the journalists

Aviva Gat

Senior Reporter: Bankruptcy

Contact



Movers & Shakers

Launch Movers and shakers slideshow

Alvarez & Marsal tapped Graeme Ashley-Fenn as head of its regulatory advisory practice in London. For other updates launch today's Movers & shakers slideshow.

Video

JPMorgan's stark choice

Jamie Dimon has earned his shareholders' confidence and loyalty. Now, what else can he do? More video

Sectors