The Aspen Club and Spa has rolled out a reorganization plan that calls a buyout the worst possible outcome for the creditors owed more than $100 million in its bankruptcy case, with its chief goal to get $140 million in financing to build what it calls a “world-class club and spa facility,” the Aspen (Colo.) Times reported. The plan also calls for Michael Fox, the president of The Aspen Club, to remain at the helm to “oversee the day-to-day operations” while being “subject to the oversight of the new board,” according to The Aspen Club’s reorganization plan. The Tuesday filing marked the second time The Aspen Club, through Denver law firm Markus Williams Young & Hunsicker LLC, has produced a reorganization plan in its attempt to satisfy its creditors, which, generally speaking, must confirm the plan in order for the bankruptcy court to accept it. The original version was filed in September. A disclosure statement to creditors, also filed last week, summarizes a plan that puts the mechanics’ lienholders at the top of the pecking order of payback priority. Combined, those mechanics’ lienholders with secured claims would receive $26.8 million under the reorganization plan.
