Edgmont Golf Club

Client Profile
Edgmont Golf Club, Inc. and Edgmont Country Club (collectively, “Edgmont”, the “Property” or the “Club”) is a private non-equity 18-hole golf club situated on over 189 acres on the northern border of Delaware County and Chester County, PA. While the Property and locale were satisfactory for country club and golf course use, the increasing population in the vicinity of the Club and the resulting demand for single family housing made the residentially-zoned land a strong commodity.
As a result of declining golf play and revenue, the Club encountered significant challenges in servicing its secured debt and paying its vendors. These challenges, combined with an aggressive collection pursuit by its senior lender, resulted in the Club filing for Chapter 11 bankruptcy in the Eastern District of Pennsylvania in October 2013.
Edgmont retained SSG to explore strategic alternatives, including a sale of substantially all of its assets. SSG conducted a comprehensive marketing process which resulted in a wide range of interest from potential buyers and a number of proposed offers. Ultimately, Edgmont executed both a loan agreement and an asset purchase agreement with Ridgewood Real Estate Partners, in partnership with Angelo, Gordon & Company to fund the plan of reorganization, where all creditors were paid in full, and to subsequently purchase substantially all of Edgmont’s assets, which provided a significant distribution to equity.

(610) 940-1094Email
New York
(212) 786-7432Email