Beulah Road Land Co., which owns the Pittsburgh property, filed for Chapter 11 protection on July 26, the day after the club involuntarily filed for Chapter 7 to liquidate the assets of the 147-acre club. Zokaites Properties LLC bought out the club’s debt for $1.2 million in June, and that company’s owner plans to file a motion to dismiss the bankruptcy filings.
Two bankruptcy actions have been filed against Churchill Valley Country Club and the affiliated company that owns the property, Beulah Road Land Co., staving off a court-ordered sale of the Pittsburgh club, the Pittsburgh Business Times reported.
C&RB reported on the planned auction earlier this month (“Churchill Valley CC Set for July 29 Auction”).
The ownership of Beulah Road Land filed for Chapter 11 protection of creditors on July 26 in the U.S. Bankruptcy Court’s Western District of Pennsylvania. That filing followed an involuntary Chapter 7 filing the day before to liquidate the assets of the 147-acre country club, the Business Times reported.
Churchill Valley was placed into receivership in January after it defaulted on its mortgage to PNC Financial Services Group Inc., the Business Times reported.
The bankruptcies seem to slow whatever plans Wexford investor Frank Zokaites has for the property after his Zokaites Properties LLC bought out PNC’s debt for $1.2 million in June, the Business Times reported.
Jeff Hulton, Zokaites’ lawyer in the hearings, said his client plans to fight the bankruptcy filings, the Business Times reported.
“We are going to file a motion to dismiss the bankruptcies probably as soon as tomorrow,” Hulton said.
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