SSG Capital Advisors acted as investment banker to Edgmont Golf Club and Country Club in the placement of exit financing and in the sale of substantially all of its assets to Ridgewood Real Estate in partnership with Angelo, Gordon & Company.

The exit financing and subsequent sale were executed through a Chapter 11 bankruptcy plan of reorganization, which was approved by the Bankruptcy Court in August 2015 and closed in March 2016.

Edgmont is a private non-equity 18-hole golf club situated on over 189 acres on the northern border of Delaware County and Chester County, PA.

As a result of declining golf play and revenue, the club encountered significant challenges in servicing its secured debt and paying its vendors. These challenges, combined with an aggressive collection pursuit by its senior lender, resulted in the club filing for Chapter 11 bankruptcy in the Eastern District of Pennsylvania in October 2013.

Edgmont retained SSG to explore strategic alternatives, including a sale of substantially all of its assets. Ultimately, Edgmont executed both a loan agreement and an asset purchase agreement with Ridgewood/Angelo Gordon to fund the plan of reorganization, where all creditors were paid in full and to subsequently purchase substantially all of Edgmont’s assets, which provided a significant distribution to equity.