Wednesday, July 04, 2007

Lajitas Resort Files for Bankruptcy

Hours before the Lajitas Resort, with its parkland-style golf course called The Ambush in the middle of the border-country desert in West Texas, was due to be sold at auction over an allegedly defaulted loan, the resort filed for bankruptcy protection.

But it doesn't look as though the resort is in imminent danger of closing:

It's not clear if any outside buyer would have put up the $13.3 million now owed to Prime Asset to buy the resort ...

Originally set for early June, the foreclosure was delayed a month to allow Lajitas to find alternate funding.

Though that effort fell short, another lender appears willing to bail Lajitas out.

In a prepared statement, (owner Stephen) Smith vowed that the resort will continue to provide guests with full amenities and meet its financial obligations.

"The action we have taken is a necessary and responsible step to preserve Lajitas' value and execute a plan which completes the vision for Lajitas," he said, adding that a recent appraisal valued the property in excess of $200 million.

Full article

1 comment:

  1. This from the Magnolia Creek newsletter:

    "Again I want to congratulate one of our members here at Magnolia Creek, Mr. Ray Lease. Ray qualified for the Men’s US Senior Open that will take place THIS WEEK at Whistling Straits in Kohler, WS. This is a fantastic accomplishment and a tribute to how hard Ray works on his game. Personally, I believe this couldn’t be happening to a nicer guy! Congrats Ray and of course our strong wishes and support will be with you throughout."

    -Greg

    ReplyDelete

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