A federal bankruptcy judge in Tampa has signed an order confirming the Chapter 11 reorganization plans proposed by Collier-based Fiddler's Creek LLC and its affiliates.
The developer filed for bankruptcy protection in February 2010, listing debt in excess of $100 million. The company is emerging from Chapter 11 bankruptcy having shed nearly $90 million in debt and with a $45 million working capital loan from Mount Kellett Capital Management LP, a New York-based investment management firm with more than $5 billion in assets under management.
The Chapter 11 reorganization plans approved by the bankruptcy court incorporate agreements reached with unsecured creditors, golf club members, homeowners and secured lenders including Regions Bank, Iberia Bank, The Bank of New York Mellon and Fifth Third Bank.
The company is the developer of Fiddler's Creek, a master-planned community with 1,650 completed homes and 4,350 left to build off Collier Boulevard.
The community spans 4,000 acres. Going forward, the developer plans to sell finished home sites to other homebuilders.