Case:12-24882-ABC Doc#:457 Filed:09/17/12

Entered:09/17/12 14:50:29 Page1 of 4

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF COLORADO

In re:

)
)

CORDILLERA GOLF CLUB, LLC dba

The Club at Cordillera
EIN: 27-0331317,

Debtor.

Case No. 12-24882 ABC

Chapter 11

)
)

ORDER (A) FURTHER EXTENDING AND INCREASING INTERIM FINANCING AND

(B) FURTHER EXTENDING USE OF CASH COLLATERAL UNDER THE TERMS OF
THE PRIOR ORDER

THIS MATTER comes before the Court with the consent of the parties and by Motion
(the "Motion") of the Debtor made in open court to (A) Further Extend and Increase Interim
Financing and (B) Further Extend Use of Cash Collateral Under the Terms of the Prior Order,
and the Court, being advised in the premises and finding the requested relief reasonable and
supported by just cause, hereby
ORDERS the Motion is hereby GRANTED. The Court's Interim Order Pursuant to 11
U.S.C. 105, 361, 362, 363(c), 364(c), 364(d), and 364(e) and Fed.R.Bankr.P. 2002, 4001, and
9014 (I) Authorizing Debtor to Obtain Post-Petition Secured Financing, (II) Granting Security
Interests and Superpriority Administrative Expense Claims, and (III) Authorizing the Use of
Cash Collateral as Provided Herein [Dkt. No. 270] (the "Interim Order"), as amended by the
Court's Order Granting the Debtor's Motion to (a) Extend and Increase Interim Financing and (B)
Extend Use of Cash Collateral Under the Terms of the Prior Order [Dkt. No. 393], is further
amended as follows:
(a) The expiration date for the authorizations to request advances under the Interim DIP
Loan, and to use the proceeds thereof and to use Cash Collateral under and pursuant
to the Interim Order is extended from September 14, 2012, through and including
September 28, 2012 (the "Extension Period");
(b) The draw limit for the interim financing set forth in paragraph 2 of the Interim Order
is increased from $677,000 to $887,000, and the Budget (as defined in the Interim Order)
is deemed amended to incorporate the additional weeks, as applicable, as reflected on Exhibit
"A" attached hereto; and

DMWEST #9307475 v1

Case:12-24882-ABC Doc#:457 Filed:09/17/12

Entered:09/17/12 14:50:29 Page2 of 4

..
(c) The Interim Cash Collateral Order (as defined in the Interim Order) is hereby
amended to extend the term thereof through and including September 28, 2012.
Dated this _l_Z_day

o~/q q1

2012.

BY THE COURT:

(/t_ __

DMWEST #9307475 v1

Entered:09/17/12 14:50:29 Page3 of 4

"""

Case: 12-24882-ABC Doc#:402-2 Filed:08/30/12

23

Cordillera Golf Club LLC

Exhibit A

Forecasted Cash Flow Budget

For the Weeks Ended September 7, 2012- February 1, 2013
9/14/12

9/7/12

10/5/12

9/28/12

9/21/12

10/12/12

10/19/12

10/26/12

11/2/12

11/16/12

11/9/12

11/23/12

--

Revenues:
llll_embership Dues Social & Golf

Golf Revenue (greens, cart fees, rental, other)

Golf Shop Sales

2
3
4
5

Food and Beverage

Other Revenue

-$

39,500

11,500 $

34,114
7,500
9,600
90,714

Total Revenues

Cost of Goods: F&B

Food & Beverage Operations
Golf Operations
Golf Course Maintenance

--

Other Amenities/Misc. Expense

General/ Administrative I Management
Utilities, Insurance, POA
Property Taxes
Total Operational Disbursements

r-::-'--~-

Cash Flow Before Capital Expenditures

1,200

4,500

$_

13,625
5,000
8,000

8,626
5,000
4,800

6,585
1,250
4,200

1,965
1,250
4,000

10,000

6,800

26,625

18,426

12,035

7,215

10,000

6,800

(4,000)
(34,059)
(33,886)
(800)
(5,304)
(9,266)
(9,741)

(16,432)
(5,737)
(16,688)

(12,432)
(3,446)
(14,788)

(250)
(6,858)
(10,813)
(800)
(2,577)
(8,783)
(32,659)

(9,750)
(3,446)
(16,688)

(37,715)
(5,615)
(8,671)

(1,000)
(8,041)
(33,886)
(800)
(15,303)
(8,266)
(9,741)

(27,715)
(3,615)
(8,671)

(6,2sii)
(6,858)
(10,813)
(800)
(2,578)
(8,784)
(6,461)

(145,505)

(97,056)

(90,858)

34,639
7,500
9,150

34,114
7,500
9,000

33,939
7,500
10,000

18,125
5,000
8,200

62,!89

51,814

55,939

31,325

14,500
5,000
8,000
27,500

(16,432)
(12,938)
(47,812)
(2,837)
(25,715)
(20,615)
(8,671)

(16,432)
(8,237)
(38,912)
(1,837)
(36,813)
(10,615)
(32,659)

--

--~-

Building Maintenance

Case:12-24882-ABC Doc#:457 Filed:09/17/12

Entered:08/30/12 12:29:46 Page20 of

6
7
8
9
10
11
12
13

Capital Expenditures
Cash Flow From Operations

(26,907) ~4.ooo)
(22,838)
(12,072)
(45,912)
(30,056)
(3,837)
(800)
(36,816)
(21,727)
(5,615)
(9,793)
(40,925)
(41,845)
(182,850)

(120,293)

(135,020)

(6,000)
(36,380)
(30,057)
(800)
(19,727)
(12,793)
(9,741)
(115,498)

(92,136)

(57,504)

(83,206)

(59,559)

(114,180)

(69,556)

(92,136)

(57,504)

(66,000)
(149,206)

(59,559)

(11,000)
(125,180)

(69,556)

14

(77,037)

(26,813)
(3,615)
(6,461)
(431,890)
(499,445)

(62,740)

(69,885)

(42,544)

(64,233)

(58,611)

(487,410)

(55,525)

(59,885)

(35,744)'

(64,233)

(58,611)

(487,410)

(55,525)

(59,885)

(35,744)

Restructuring:
Pre-Petition Interest

DIP Fees
Debtor, legal, Restructuring, & Financial Advisors

UST Fees
Utility Deposits
Capita I Event
Marketing Costs
Principal Payment to DIP Lender and Alpine Bank
Total Restructuring Costs
Total Cash Flow Before DIP
Beginning Cash
Total Cash Flow Before DIP
DIP Interest
DIP Loan Draw
Ending Cash

Printed on 8/21/2012 at 9:28AM

17

23 "$'

_,

15
16
18
19
20
21
24
22

(110,000)
(10,400)

(510,000)

(5,000)

(5,000)

(5,000)

(510,000)

(5,000)

(5,000)

(5,000)

(5,000)

(57,504)

(659,206)

(64,559)

(130,180)

(74,556)

40,000
(57,504)

40,000
(659,206)

40,000
(64,559)

40,000
(74,556)

57,504
40,000

659,206
40,000

64,559
40,000

40,000
(130,180)
(4,954)
135,134
40,000 $

--

(92,136)
40,000
(92,136)
(2,621)
94,757
40,000 $

1 of 2

74,556
40,000 _1_

(110,000)

(5,000)

(5,000)

(5,000)

(120,400)

(5,000)

(5,000)

(69,233)

(179,011)

(492,410)

(60,525)

(59,885)

40,000
(69,233)

40,000
(179,011)

40,000
(492,410)
(8,014)
500,424
40,000 $

40,000
(60,525)

40,000
(59,885)

69,233
40,000

179,011
40,000

60,525
40,000

(110,000)

59,885
40,000

(145,744)
40,000

-~
$

145,744
40,000

DRAFT- Subject to Change

Case:12-24882-ABC Doc#:457 Filed:09/17/12

Entered:09/17/12 14:50:29 Page4 of 4

Case: 12-24882-ABC Doc#:402-2 Filed:OB/30/12

23

Cordillera Golf Club LLC

Entered:OB/30/12 12:29:46 Page21 of

Forecasted Cash Flow Budget

For the Weeks Ended September 7, 2012- February 1, 2013

11/30/12
--------~---

~--

Revenues:

Membership Dues Social & Golf

Golf Revenue (greens, cart fees, rental, other)

2
3
4
5

Golf Shop Sales

Food and Beverage

Other Revenue
Total Revenues

12/21/12

12/28/12

1/4/13

1/11/13

1/18/13

100,000

1/25/13

100,000

Total

2/1/13

100,000

125,000

6,000

10,800

12,000

12,000

12,000

12,000

6,000

6,000

10,800

12,000

12,000

12,000

112,_000

---

481,700

12,000

12,000

12,000

112,000

112,000

137,000

932,982

(22,182)
(3,445)
(14,788)
(35,713)
(3,615)
(10,191)

(6,250)
(3,671)
(5,374)
(800)
(13,933)
(8,841)
(10,191)

__!8~,~~4)

(49,060)

(262,045)
(216,133)
(434,922)
(17,311)
(490,969)
(169,655)
(356,322)
(431,890)
(2,379,246)

6,000

200,232
52,500
198,550

--~----

6
7
8
9
10
11
12
13

Golf Course Maintenance

Other Amenities/Mise_ Expense

General/ Administrative I Management
Building Maintenance
Utilities, Insurance, POA

Property Taxes
Total Operational Disbursements

Capital Expenditures

15
16
18
19
20
21
24
22

(82,206)

(70,439)

(76,137)

(37,715)
(3,615)
(10,191)

(6,250)
(8,581)
(5,374)
(800)
(15,496)
(8,841)
(10,191)

(43,253)

(91,935)

(55,533)

(31,253)

(79,935)

(43,533)

(22,182)
(3,445)
(14,787)

(22,182)
(3,446)
(14,788)

(6,250)
(8,581)

-(7.275)

(25,715)
(3,615)
(32,659)

{800)
(16,396)
(8,841)
(8,671)

--

(102,405) ----~6,814) _
9,595

55,186

22,066

87,941

(1,446,264)

55,186

22,066

87,941

(97,000)
(1,543,264)

- - - - - - i-(70,439)

(76,137)

(31,253)

(79,935)

(43,533)

9,595

(120,000)

(115,000)
-

--

- --

-~500)

""

'17
23

(86,937)

(32,715)
(3,615)
(10,191)

Total Cash Flow Before DIP

-----~---

(76,439)

(20,000)
(102,206)

14

~---~-

(88,206)

(6,250) - (8,581)
(7,275)
(800)
(2,835)
(8,841)
(8,671)

-~-~-'

Cash Flow From Operations

Restructuring:
Pre-Petition Interest
DIP Fees
gebtor, Legal, Restructuring, & Financial Advisors
UST Fees
Utility Deposits
Capital Event
Marketing Costs
Principal Payment to DIP Lender and Alpine Bank
Total Restructuring Costs

(22,182)
--"
(3,446)
(14,788)

(37,715)
(3,615)
(6,461)

(6,250)
(8,581)
(5,375)
(800)
(13,933)
(8,841)
(32,659)

(22,182)
(3,446)
(14,787)

Cash Flow Before Capital Expenditures

Printed on 8/21/2012 at 9:28AM

12/14/12

--

Cost of Goods: F&B

Food & Beverage Operations
Golf Operations

Beginning Cash
Total Cash Flow Before DIP
DIP Interest
DIP Loan Draw
Ending Cash

12/7/12

-----

(965,000)
(16,900)

(30,000)

(102,206)

(70,439)

(76,137)

(151,253)

(79,935)

(43,533)

9,595

55,186

(99,434)

87,941

(2,555,164)

40,000
(102,206)

40,000
(70,439)
(14,927)
85,366
c-o40,000 $

40,000
(76,137)

40,000
(151,253)

40,000
(79,935)

40,000
9,595

49,595
55,186

104,781
(99,434)

5,347
87,941
(18,708)

76,137
40,000

151,253
40,000

79,935
40,000

40,000
(43,533)
(13,988)
57,521
40,000

40,000
(2,555,164)
(63,212)
2,652,955
$ 74,579

102,206
40,000

(120,000)

2 of 2

(1,011,900)

(121,500)

49,595

104,781

5,347

74,579

DRAFT- Subject to Change