A court-appointed guardian is taking control of the assets of the developer of the luxury Georgia golf community Reynolds Plantation, a move aimed at helping the financially troubled company avoid bankruptcy or foreclosure.
Five lenders said in a court filing Wednesday that Linger Longer Development Co. and two of its affiliates are in default and appear to be in deep financial distress. The filing says the owners are unwilling or unable to keep Reynolds Plantation maintained without more financing, which the banks won't give without a third party controlling the money.
Linger Longer Chairman Mercer Reynolds said in February that banks were demanding repayment of $45 million by April.
The court-appointed guardian is Andrew Bolnick of Florida-based Andrew Bolnick & Associates.