The owner of the Club at Cordillera in Edwards, Colo., said it “completed successful mediation” in a legal dispute with property owners and creditors, which precipitated its Chapter 11 bankruptcy filing in June. The parties also agreed the club will be sold before the end of 2012.
Cordillera Golf Club LLC, which owns the Club at Cordillera in Edwards, Colo., said it had “completed successful mediation” in a legal battle with property owners and creditors, the Denver Business Journal reported.
The company, which filed for Chapter 11 bankruptcy protection in June, added that it has agreed to be sold by the end of the year, pending court approval. Parties involved in the mediation included the Cordillera Property Owners Association, the Cordillera Transition Committee and the Official Creditors Committee.
Cordillera said the mediation “has provided a framework for resolution of suits among membership and ownership over financial matters, dues structures, ownership rights and the future of the club facilities of Cordillera,” the Business Journal reported.
Cordillera has 1,100 homeowners, several hundred of whom had joined in a class-action lawsuit against the club. Under the settlement agreement, “the parties agreed that the club will be sold prior to year-end 2012.”
“I am happy we were able to come to a resolution of disputes that have affected our homeowners, club members, the community and my family for more than two years,” club owner David Wilhelm said in the statement. “It’s time to move on in the most positive way.”
“It is expected that all cash bids for the operating assets for the club will be received by December 3,” the statement added. “In the event of multiple bids, an auction will be held on December 10 to select the highest and best bid. In the auction process, Cordillera will likely be sold as a single asset. The sale will close before December 28.”
The Chapter 11 filing in June came during dueling lawsuits involving property owners and Wilhelm, with one issue being a decision to not open some of the club’s golf courses last year, as C&RB reported: “Cordillera GC Bankruptcy Case Complicated by Litigation.”
The Chapter 11 filing listed both assets and liabilities ranging from $10 million to $50 million, the >Business Journal reported.