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Specializing in insolvency and complex commercial matters since 1974

Naples Bay Resort Gets “New Lease On Life” Through Closing Of Priming 364 Loan Facility - May 1, 2012

Following a series of emergent, contested hearings and a trial in the Basil Street Partners/Naples Bay Resort Chapter 7 case, on April 16, 2012, the United States Bankruptcy Court for the Middle District of Florida, Ft. Myers Division, entered an order overruling objections and approving a $3.6 million senior secured priming loan facility. The loan facility was requested and obtained by Stichter Riedel in an involuntary Chapter 7 case, prior to the entry of the order for relief, on behalf of the interim Chapter 7 trustee. The loan closed and funding occurred on May 1, 2012. The facility is available to, among other things, enable the state court appointed receiver to keep the resort open through 2012. The resort employs between 100 to 150 people in Collier County, Florida. The firm’s representation was led by Stephen R. Leslie and Daniel Fogarty.

Stichter, Riedel, Blain & Prosser, P.A. - Bankruptcy and Insolvency - Tampa, Florida Law Firm

Articles:
Naples Bay gets new lease on life - April 26, 2012
U.S. judge approves financing for troubled Naples Bay Resort - April 12, 2012
Naples Bay Resort financing delayed, employees put on notice - April 4, 2012
Financing in place to keep Naples Bay Resort running through 2012, receiver says - March 21, 2012
Naples Bay Resort seeks judge's OK for emergency cash to stay afloat - March 17, 2012