Clearwater Development has filed for Chapter 11 bankruptcy protection, The Wall Street Journal reports. The operator of the Brightwater Club, a gated community in Colorado, owes around $102 million to its creditors.
The company’s debt included secured claims of $69.5 million and unsecured claims of $32.8 million, while its assets stood at $8.29 million, adds Bloomberg. Clearwater’s investors have formed Reconcile to buy its assets through a court-supervised bankruptcy auction.
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