The creditors are owed about $25 million. The developer's leadlender, Credit Suisse First Boston Mortgage, is owed $130 million.The developer is struggling with a debt load of $160 million.
The company remains under Chapter 11 protection until the courtdissolves the case. Industry observers familiar with the firm'sproblems tell GlobeSt.com Golf Communities will liquidate all itsassets shortly.
Golf Communities' remaining assets of about $65 million will goto Credit Suisse First Boston, the judge ruled. The bank provided$250,000 to the unsecured creditors to operate the properties untilthey are sold.
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