La Quinta CA ~ PGA West and Citrus Bankruptcy Debt Restructuring Clarification

By
Real Estate Agent with Calif Desert Realty

Real estate agents serving the La Quinta CA communities have been attempting to field a lot of questions lately regarding the Chapter 11 bankruptcy protection / debt restructuring at PGA West and The Citrus in La Quinta. To assist in explaining this, management of these operations recently released a Disclosure dated February 15, 2011.

As noted in the Disclosure, the resorts subject to the filing are Grand Wailea Resort and Spa, Arizona Biltmore Resort and Spa, La Quinta Resort and Club and PGA WEST, Doral Golf Resort and Spa, and Claremont Resort and Spa. The residences and homeowners associations located in La Quinta, California, at the developments known as PGA WEST and The Citrus, are not subject to the filing.

It was also noted that the events will have no impact on the management, staff or operations of the resorts, which will continue to provide the same uninterrupted level of luxury service and experience that guests, resort members and other customers have come to expect, and which will remain committed to their local communities. In addition, the Bankruptcy Court signed an Order on February 2, 2011 that stated that La Quinta Resort and Club and PGA WEST along with the other above referenced resorts, are authorized to honor and perform their Customer Programs which include without limitation, the Membership Programs, without regard to whether the Customer Programs arose before or after February 1, 2011.

Click HERE to read the full Disclosure

Larry Hansen, CPA and Broker / Owner

Calif Desert Realty

www.CalifDesertRealty.com

Comments (1)

Anonymous
Larry Hansen

Hi Sarah, please send me an email offline to Larry@CalifDesertrealty.com and I can send you back a copy of the fina order approving settlement. Thanks for the inquiry. 

Nov 18, 2011 07:35 AM
#1