Ginn FInally Files...

...defaulting on a $675 million loan...Jeff Ostrowski reports (thanks Steven T.)

Two affiliates of Celebration-based Ginn Resorts last week filed a flurry of Chapter 7 petitions. Ginn sought bankruptcy protection for Tesoro and for Quail West in Naples. Tesoro will continue operations under the supervision of the bankruptcy court and a court-appointed trustee until the property is sold, Ginn said in a statement.

The two Ginn subsidiaries, Ginn-LA CS Borrower LLC and Ginn-LA Conduit Lender Inc., owe Credit Suisse $675 million. Ginn defaulted on loan payments in June and had been negotiating with its lender since then.

The loan covered Tesoro, Quail West, Ginn sur Mer in the Bahamas and Laurelmor in North Carolina. Ginn said it has found a new owner for Laurelmor and entered into a joint venture with the lender to complete Ginn sur Mer.