Bankruptcy judge approves deal for Missouri marina - Trade Only Today

Bankruptcy judge approves deal for Missouri marina

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A federal bankruptcy judge last week approved a proposal by Ridgedale, Mo.-based Gage's Long Creek Marina Inc. to sell all of its assets to Big Cedar Lodge.

Big Cedar Lodge, also located in Ridgedale, is owned by Bass Pro Shops.

The judge gave preliminary approval to the $2.3 million deal in February, but established a window several weeks long during which third parties could submit competing offers for the marina’s assets, the Branson Tri-Lakes News newspaper reported.

“There were no competitive bids submitted, so the parties will proceed to close in the near future,” David Schroeder, attorney for the marina, told the newspaper.

According to filings in the case, which was heard in U.S. District Bankruptcy Court in Springfield, Mo., the marina’s assets include its main commercial dock on Table Rock Lake and associated buildings, eight other docks, a commercial yacht and all existing furniture, equipment and inventory.

Schroeder said the judge also allowed the marina’s estimated 130 existing boat slip accounts and rental agreements to be transferred to Big Cedar.

He said Big Cedar is now in discussions with the U.S. Army Corps of Engineers, which must issue its approval before the lodge can assume the marina’s lease. Once the Corps has done its due diligence, the two parties are expected to close.

Justin and James Gage, president and vice president of the marina company, filed Chapter 11 bankruptcy last summer, citing a down economy, disastrous flooding in 2008 and 2011 and the failed sale of a commercial yacht as factors.

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