Palmas Athletic Club in Humacao files Chapter 11 with $36.5M in debt
Palmas Athletic Club Corp., the nonprofit that operates athletic and social amenities for the Palmas del Mar resort community in Humacao, has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Puerto Rico, reporting liabilities of $36.5 million.
The Aug. 4 filing lists assets of more than $16.8 million, including $9.1 million in real property and $7.7 million in personal property. Secured claims total more than $35.2 million, unsecured priority claims amount to $617,692, and unsecured nonpriority claims are listed at $653,701.
The largest creditors include UBS Trust Co. of Puerto Rico at $28.3 million, unknown bondholders at $5.8 million, Commercial Equipment Finance with $565,000 and the Puerto Rico Department of Treasury with claims exceeding $920,000.
Other debts include $434,607 and $99,136 owed to the Municipal Revenues Collection Center, $236,512 to the Municipality of Humacao, $98,434 to Coop. de A/C Aguas Buenas, $537.60 to Coca-Cola de Puerto Rico, $8,087 to EOS Events LLC, $2,561 to Sin Prisa Music Inc., $2,353 to KFC Professional Service LLC and $1,736 to Legendary Swimmers Academy.
The list also names the Puerto Rico Department of Labor, State Insurance Fund and the Internal Revenue Service among creditors.
Founded in 2010 by a group of owners after the closure of the Palmas del Mar Country Club, Palmas Athletic Club operates two championship golf courses, one of the Caribbean’s largest tennis facilities, a members-only beach club, a fitness center and other recreational amenities.
The 2,750-acre Palmas del Mar community features residences, a marina, schools and entertainment facilities.
