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Pine Canyon Golf Club exits bankruptcy
June 7, 2011

Polsinelli Shughart PC is pleased to announce that Pine Canyon Golf Club has reached an agreement to exit Chapter 11 bankruptcy. The agreement reached was reached with its primary lender and three other creditors who had objected to the confirmation of the Pine Canyon's Chapter 11 Plan of Reorganization. Judge Redfield T. Baum, United States Bankruptcy Judge for the District of Arizona entered an Order confirming Pine Canyon's Plan on May 26, 2011.  The Order approving the Plan came just two days before the Club's "summer season" opening party.
"The agreement allows us to go forward with the financing necessary to maintain the high standards of the development, which have been in place since its inception," stated President and CEO of Pine Canyon Warren Smith. "Although recent economic times have been difficult for everyone, Pine Canyon has emerged with an agreement with it s lender, and will be paying all of its creditors in full.  We look forward to a robust summer season and invite everyone to come see this truly special place."
The Pine Canyon Club features an award-winning Jay Morrish-designed golf course and amenities, including a 35,000 square Clubhouse that has won awards in its own right.  The residential development features condominiums, townhomes, single-family residences and lots for those wishing to construct their own homes.  Over 100 people are employed at the community.
Jack Hebert of Polsinelli Shughart PC, counsel for Pine Canyon, believes that the "credibility of Pine Canyon's management team, and the faith of the lender in that team, as well as the support of the members played a key role in the agreement reached by all parties."
Hebert has been involved in all aspects of bankruptcy and insolvency practice for 35 years. He has been counsel for the debtor in the successful reorganization of several publicly traded companies, several resorts and hotels, and the largest real estate reorganization in the state (Sun Valley, 52 partnerships involving approximately 10,000 partners and 48,000 acres of land).

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