Cyrus family announces emergence from Chapter 11

The Cyrus family announced Tuesday afternoon that Wildhorse Meadows, LLC, the landlord for the Aspen Lakes Golf Course has emerged from Chapter 11 bankruptcy protection following unanimous creditor approval and court confirmation of its reorganization plan.

On August 30, 2011, Judge Elizabeth Perris of the U.S. Bankruptcy Court confirmed the Wildhorse Meadows plan of reorganization, submitted by the Cyrus family, and Al Kennedy of the Portland-based law firm Tonkon Torp LLP in consultation with the Kevin Adams of the Mountain Group. The plan proposes to repay all creditors in full.

The Cyruses said that confirmation of this plan provides a win-win for both Wildhorse Meadows and its primary creditor, PremierWest Bank. It allows Wildhorse a restructured debt commensurate with the current economy and PremierWest an avenue to receive full payment on the outstanding debt.

Aspen Lakes Golf Course, LLC, the company that operates the Aspen Lakes Golf Course, and Brand 33 Restaurant were not a part of the Chapter 11 filing.

"The Chapter 11 reorganization plan provides all parties a fair solution and full payment of the debt" said Matt Cyrus, an owner of Wildhorse, "PremierWest was excellent to work with and we look forward to a positive working relationship with them as we go forward.  This puts the company on sound financial footing and provides future stability."
In a prepared release, Matt Cyrus noted that "The Cyrus family extends its sincere appreciation to the community for their considerable support.  It is this valuable support that enables Aspen Lakes Golf Course and Brand 33 Restaurant to remain active participants in the community."