Barefoot Resort Yacht Club condo deal clears bankruptcy court

Barefoot Resort Yacht Club Villas LLC received bankruptcy court clearance to close on 35 more condominiums, despite objections from its partner, Premier Resorts International Inc., according to TheDeal.com.

On March 20, Chief Judge John Waites, in U.S. Bankruptcy Court for the District of South Carolina, granted Barefoot the right to close on about $25 million in condo sales. Premier and its affiliates had objected to the sale, and the sale of more than 100 other units, saying Premier is entitled to half of all sale proceeds as the buildings’ managers.

The judge overruled Premier’s objections, allowing Barefoot to proceed with plans to sell all 145 condominiums.

The court initially approved the sale of eight condos on Feb. 24 and another 63 on March 15.

Barefoot filed for Chapter 11 on Feb. 21 after Premier filed a breach of contract lawsuit against it in Horry County’s Court of Common Pleas.

Premier was objecting to all future condo sales until Barefoot filed a master deed. Premier also wants the court to dismiss the petition if Barefoot opts to reject the contract. Barefoot is disputing Premier’s $50 million claim.

Barefoot listed $69 million in assets and $60.98 million in debt in its filing.