Financial Advisor to Debtor in Possession of a Ski and Golf Resort
This golf and ski resort carried excessive personnel costs and had two back to back poor ski seasons due to weather. These issues coupled with the fact that they funded real estate development through the current operating budget caused this resort to file for bankruptcy protection. There was significant animosity amongst all parties in this case, exacerbated by the company's inability to issue timely or accurate operating reports, cash budget or forecasts. Inglewood was engaged by the debtor four months after the resort filed for bankruptcy protection and had to work quickly to get up to speed. Immediately, the cash and financial reporting improved dramatically and the animosity was reduced among several of the parties in the case. Inglewood assisted in the feasibility assessment of various plans of reorganization. Ultimately, there was a consensual order to have a Chapter 11 Trustee appointed to oversee the sale of the property. The Trustee was complimentary of Inglewood's work, and he included a key Inglewood report in the marketing materials for the resort. The property was sold through an auction process run by the Trustee.