Indian Point Resort companies file for Chapter 11 bankruptcy

The companies included in the Chapter 11 filings and operating from 71 Dogwood Park Trail in Branson are:
    •    VIP Development Corp., which builds and sells condominiums on the 25-acre property;
    •    Indian Point Resort Properties LLC, the holding company for the resorts, real estate and marina assets; and
    •    Indian Point Resort LLC, which operates the resort and marina.

The companies have combined estimated liabilities of over $13.7 million.

Indian Point Resort General Manager Greg Maycock said the filing is the result of discussions with its primary lender, Great Southern Bank, concerning the refinancing or restructuring of an unsecured loan.

“We were having trouble servicing the main note in the off-season this past year and, in communications with Great Southern Bank, determined this would be the best course of action moving forward,” said Maycock, who’s also the president of VIP Development and managing member of the LLCs. “We were getting near 60 days [behind], so we wanted to be proactive and get something worked out.”

According to court documents, Great Southern is the creditor for nearly $8.86 million of VIP Development’s total $10.3 million in unsecured claims arising from a modified deed in lieu of a foreclosure agreement dated December 2012. Bank officials could not be reached for comment by deadline.

Other claims include a combined $93,000 in taxes and debts held by various government entities, including the Stone County Collector, Missouri Department of Revenue, Missouri Division of Employment Security and the U.S. Department of Treasury.

Maycock said a reorganization plan due Aug. 20 is under development for submission. He said repayments on the claims would begin as soon as the plan is approved and expects restructuring to be complete by mid-December.

In the meantime, Indian Point Resort continues to operate as the company works with potential equity partners and capital investors to implement a recapitalization plan for propertywide renovations and redevelopment on 12 lakefront condominiums in January 2016. Maycock said heavy rain and lake flooding this summer kept him busy moving the marina’s five boat docks but haven’t negatively affected business.

“The summer vacation and boating season has been as strong as ever this year,” Maycock said.

He declined to provide Indian Point’s revenue, but said annual revenue through June is up 16.6 percent over the same time period in 2014. Advance bookings for the second half of 2015 are up 9.9 percent, he said.

“As far as the guests are concerned, they look at it as a little bit bigger lake and more water to enjoy,” he said.