MSR Ch. 11 Plan Incorporates $1.5B Sale To Sovereign Fund

Law360, New York (December 11, 2012, 5:22 PM EST) -- Following a recent $1.5 billion winning bid by a sovereign wealth fund for its five-resort portfolio, MSR Resort Golf Course LLC filed a new Chapter 11 plan and disclosure statement in New York bankruptcy court Tuesday, calling for general unsecured creditors to receive full recovery.

The company, whose bankruptcy has featured contentious proceedings over the bid by a Singapore sovereign wealth fund as well as over resort management agreement terminations, now says it will pay most creditors in full through cash on hand from operations, proceeds...
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