Law360, New York (August 10, 2016, 11:49 AM EDT) -- The golf course industry is experiencing a slump nationwide, caused in part by declining interest in the sport, increased costs of operating and overdevelopment of courses. As golf courses are often a feature that enables developers to market and sell adjacent residential real property, developers may create golf course/residential development hybrid projects with an eye toward selling real property, as opposed to creating a viable long-term business model for the nearby golf course. Once the residential units are sold, the golf course is then transferred to a new owner who may have inherited a project which is marginally profitable, or even previously subsidized by the prior sale of nearby homes which the original developer has now completed. The result can be a golf course with a difficult-to-sustain business model. If the debt structure becomes onerous for the golf course owner, a Chapter 11 reorganization may provide the necessary breathing room to develop a workable business plan....