Grand Wailea Owner Seeks Ch. 11 Amid Foreclosure

Law360, New York (February 1, 2011, 3:46 PM EST) -- The owner of Grand Wailea Resort Hotel & Spa and 29 other subsidiaries filed for Chapter 11 on Tuesday after a lender group including affiliates of hedge fund Paulson & Co. Inc. took control of them through a foreclosure auction.

MSR Resort Golf Course LLC, also called PGA West, filed for protection in the U.S. Bankruptcy Court for the Southern District of New York, indicating it has assets totaling about $2.2 billion and consolidated liabilities of about $1.9 billion.

The debtors invest in and own five...
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