"Paulson Group’s Maui Resort, PGA West File Bankruptcy"

Looks like they got it sorted out over the mezzanine debt and the bankruptcy stage has kicked in for the elite group of upscale resorts that includes Doral, Wailea, PGA West, etc... Thanks to Peggy for this Tiffany Kary story.

Paulson affiliates will fund operations of the bankrupt hotels with a $30 million loan that would be junior to the mortgage liens while the lender group pursues more financing, Kamensky said. Because only a few days separated the Jan. 28 foreclosure from today’s debt maturity, the property owners didn’t have time to negotiate the usual so-called debtor-in- possession loan that funds operations in bankruptcy, he said.

I knew they were going to run out of time on the debtor-in-possession loan. That always gets ya!

I just hope Paulson comes out of this making money. He's had a tough couple of years.

Update on 2011-02-02 04:29 by Geoff

**This television station story suggests Troon has been brought in as the golf operator of Kapalua.