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Developer of Heritage Plantation Real Estate & Golf Development in Crestview, Florida Files for Chapter 11 Bankruptcy Protection

 Southeastern Consulting & Development Company, Inc. voluntarily filed for chapter 11 bankruptcy protection on Tuesday in the Northern District of Florida bankruptcy court in Tallahassee.  According to court documents, the company’s principal assets consist of a large tract of property on the west side of Route 85 in Crestview, Florida (however, it appears to be listed in some places as being in the nearby town of Laurel Hill) which has been partially developed as a residential and golf community called Heritage Plantation.  The company currently holds the following property:

  • 116 developed residential lots in phase one of the Heritage Plantation development
  • 125 developed residential lots in phase two of the Heritage Plantation development
  • 539 undeveloped residential lots in phases two and three of the Heritage Plantation development
  • 100 acres of developed golf course property
  • 9,600 sq. ft. gatehouse entry facility
  • Seven acres of commercial property on the east side of Route 85
  • Timber rights
The company’s bankruptcy petition lists both assets and liabilities of between $50 and $100 million.  Southeastern Consulting & Development Company is 90% owned by Phoenix Realty Partners, Inc. of Tallahassee.  The largest unsecured creditors are listed as First Florida Bank and John Deere Credit.  The company has sought to retain the law firm of Berger Singerman, P.A. as its restructuring counsel in the chapter 11 case.
Review key Southeastern Consulting & Development Company bankruptcy court filings by accessing them through the following links:
To access all major Southeastern Consulting & Development Company bankruptcy court filings, please visit: http://www.chapter11cases.com/Southeastern-Consulting-Development-Company-Incdba-Heritage-Plantation_c_25667.html

 

Originally published at: Bankruptcy News & Analysis: Developer of Heritage Plantation Real Estate & Golf Development in Crestview, Florida Files for Chapter 11 Bankruptcy Protectionhttp://blog.ch11cases.com/2011/05/developer-of-heritage-plantation-real.html#ixzz1Mm09wrlP