IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re
Chapter 11
1

CORDILLERA GOLF CLUB, LLC dba The

Club at Cordillera,

Case No. 12-11893 (CSS)

Debtor.

SUPPLEMENT RE BUDGET TO EMERGENCY MOTION OF THE DEBTOR FOR

ENTRY OF INTERIM AND FINAL ORDERS 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, (III) GRANTING ADEQUATE PROTECTION TO PRE-PETITION
SECURED PARTIES, (IV) AUTHORIZING THE USE OF CASH COLLATERAL AS
PROVIDED HEREIN, AND (V) SCHEDULING A FINAL HEARING

1.

Cordillera Golf Club, LLC, a Delaware limited liability company, the

debtor and debtor in possession in the above case (the "Debtor"), respectfully represents:
2.

On July 2, 2012, the Debtor filed its Motion for Entry oflnterim and Final

Orders (I) Authorizing the Debtor to Obtain Post-Petition Secured Financing, (II) Granting
Security Interests and Superpriority Administrative Expense Claims, (III) Granting Adequate
Protection to Pre-Petition Secured Parties, (IV) Authorizing the Use of Cash Collateral as
Provided Herein, and (V) Scheduling a Final Hearing [Docket No. 59]. On July 6, 2012, the
Debtor filed its Supplement re Budget to Emergency Motion of the Debtor for Entry of Interim
and Final Orders (I) Authorizing the Debtor to Obtain Post-Petition Secured Financing, (II)
Granting Security Interests and Superpriority Administrative Expense Claims, (III) Granting
Adequate Protection to Pre-Petition Secured Parties, (IV) Authorizing the Use of Cash Collateral

1
The Debtor in this chapter 11 case, and the last four digits of its employer tax identification number, is XXXXX1317. The corporate headquarters address for the Debtor is 97 Main Street, Suite E202, Edwards, Colorado
81632.

4848-0873-6016.1

as Provided Herein, and (V) Scheduling a Final Hearing [Docket No. 89] 2 (collectively, the
"Motion").
3.

Pursuant to the Motion, the Debtor and the DIP Lender have finalize an

approved Budget, attached hereto and incorporated herein as Exhibit A.

Dated: Wilmington, Delaware

July 9, 2012

FOLEY & LARDNER LLP

Christopher Celentino (CA No. 131688)
Mikel Bistrow (CA No. 102978)
402 West Broadway, Suite 2100
San Diego, California 92101
Telephone: (619) 234--6655
Facsimile: (619) 234-3510
-andYOUNG CONA~GAlT &

CD-

Michael R. Nest~Ssili)
Joseph M. Barry (No. 4221)
Donald J. Bowman, Jr. (No. 4383)
Kenneth J. Enos (No. 4544)
Rodney Square
1000 N. King Street
Wilmington, Delaware 19801
Telephone: (302) 571-6600
Facsimile: (302) 571-1253

?'
. /

LLP

Proposed Counsel for Debtor and Debtor in Possession

Terms used herein and not defined herein are as defined in the Motion.

4848-0873-6016.1

Cordillera Golf Club llC

Forecasted Cash Flow Budget
For the Weeks Ended June 29, 2012- June 28, 2013
6/29/12

7/13/12

7/6/12

7/20/12

7/27/12

8/3/12

8/10/12

8/17/12

8/24/12

8/31/12

9/7/12

9/14/12

Revenues:
Membership Dues Social & Golf

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

Golf Shop Sales
Food and Beverage
Other Revenue

2
3
4
5

6,996
3,952
5,183
5
117,493

Total Revenues

Cost of Goods: F&B

Food & Beverage Operations
Golf Operations
Golf Course Maintenance

Other Amenities/Misc. Expense

General/ Administrative I Management
Building Maintenance
<(

f-

iD

5:

Utilities, Insurance, POA

a;

"'

"0

:J

Property Taxes
Total Operational Disbursements

101,357

6
7
8
9
10
11
12
13

17,900
5,100

33,190

37,275
5,600
6,500

23,000

82,565

(24,500)
(21,180)
(48,400)
(2,837)
(30,729)
(5,620)

(37,134)
(23,487)
(45,412)
(3,837)
(25,943)

30,380

12,000

36,750
5,600
9,000
81,730

36,750
5,600
9,000

(27,907)
(20,687)
(45,911)
(3,837)
(45,715)
(5,615)
(35,209}

63,350

78,900
34,717
6,400
10,637
130,654

31,000

10,000
34,717
6,400
10,750

83,617

61,867

(5,000)
(24,040)
(67,149)
(1,000)
(19,486)
(2,808}
(8,671)

(162]

(133,266)

(142,813)

117,331

(110,266)

(60,248]

35,290

(121,531]

(12,000)
(122,266)

117,331

(60,248)

35,290

(121,531)

(71,943)

(84,612)

(77,192)

(63,500)
(110,808)
(5,603)
(325)

(162)
-

(7,000}

5,710

34,717
6,400
11,500

(6,500)
(13,113)
(14,774)
(1,608}
(5,607)
(4,838}
(46,440]

34,717
6,400
10,150

39,500

56,97!

34,715
6,400
10,000
51,115

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

(27,907)
(16,614)
(45,912)
(3,837)
(25,715)
(5,615)
(10,041)

(5,000)
(15,750)
(23,249)
(1,000)
(6,486}
(9,026)
(43,605)

(26,907)
(22,838}
(45,912)
(3,837)
(36,816)
(5,615)
(40,925)

11,500
34,639
7,500
9,150

62,789

(29,407)
(16,614)
(50,412)
(3,837)
(29,685)
(5,615)
(32,659)
(168,229)

(184,881]

(6,000)
(36,553)
(42,123)
(1,000)
(95,571)
(2,809)
(18,541)
(202,597)

(128,154]

(135,641]

(104,116)

(182,850)

(4,000)
(12,072)
(30,056)
(800)
(21,727)
(2,793)
(41,845)
(431,890)
(545,183]

(71,943)

(84,612)

(66,287)

(78,664)

(53,001)

(92,136)

(482,394)

(8,000)
(86,664)

(66,287}

(53,001)

(92,136}

(55,000)
(537,394)

Ol

Cash Flow Before Capital Expenditures

Capital Expenditures
Cash Flow From Operations

Restructuring:
Pre-Petition Interest
DIP Fees
DIP Interest
Legal, Restructuring and US Trustee Fees

14

15
16
17
18

UCC Counsel and Financial Advisor

Utility Deposits
Cap ita I Event
Principal Payment to DIP Lender and Alpine Bank
Total Restructuring Costs

19
20
21

(32,000)

(32,000}

(180,236)

(77,192)

(149,135)

(84,612)

(63,500)

(62,667)
-

'

(320,000)

(126,167)

(66,287)

(406,664)

(179,167)

(92,136)

(537,394)

(300,000)
(20,000)

Total Cash Flow Before DIP

117,331

(122,266)

(92,248)

35,290

(301,767)

Beginning Cash
Total Cash Flow Before DIP

117,352
117,331

234,683
(122,266)

112,417
(92,248)
$ 20,170 $

20,170
35,290
55,460

55,460
173,891
4,304,557
3,475,692
4,219,945
4,153,658
3,746,994
3,567,827
(301,767)
(149,135)
(84,612)
(66,287)
(406,664)
(179,167)
(92,136)
(537,394)
420,198
4,279,802
173,891 $ 4,304,557 $ 4,219,945 $ 4,153,658 $ 3,746,994 $ 3,567,827 $ 3,475,692 $ 2,938,298

Term Loan Draw

Ending Cash

22

234,683

$ 112,417

1 of 5

Printed on 7/9/2012 at 1:43 PM

Cordillera Golf Club LLC

Forecasted Cash Flow Budget
For the Weeks Ended June 29, 2012- June 28, 2013
9/21/12

9/28/12

10/5/12

10/12/12

10/19/12

10/26/12

11/2/12

11/16/12

11/9/12

11/23/12

11/30/12

12/7/12

Revenues:
Membership Dues Social & Golf

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

Golf Shop Sales
Food and Beverage
Other Revenue

2
3
4
5

Total Revenues

<(

f-

iii
I

[;)

(ii

"'::>

"0

Cost of Goods: F&B

Food & Beverage Operations
Golf Operations
Golf Course Maintenance
Other Amenities/Misc. Expense
General/ Administrative I Management
Building Maintenance
Utilities, Insurance, POA
Property Taxes
Total Operational Disbursements

6
7
8
9
10
11
12
13

1,200

4,500
33,939
7,500
10,000

34,114
7,500
9,000
51,814

18,125
5,000
8,200

55,939

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

(6,000)
(36,380)
(30,057)
(800)
(9,727)
(7,793)
(9,741)

14,500
5,000
8,000

13,625
5,000
8,000

31,325

27,500

26,625

(4,000)
(34,059)
(33,886)
(800)
(5,304)
(8,266)
(9,741)

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

8,626
5,000
4,800
18,426

6,585
1,250
4,200
12,035

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

(8,041)
(33,886)
-

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

(5,303)
(8,266)
(9,741)

(96,056)

(90,858)

(65,237)

(26,813)
(3,615)
(6,461)
(67,555)

(68,556)

(64,233)

(46,811)

(64,233)

(46,811)

(135,020)

(100,498)

(16,432)
(8,237)
(38,912)
(1,837)
(36,813)
(10,615)
(32,659)
(145,505)

(83,206)

(44,559)

(114,180)

(44,559)

(83,206)

(114,180)

(68,556)

(63,500)

1,965
1,250
4,000
7,215

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

10,000
10,000

6,800

6,000

6,800

6,000
6,000

6,000

(6,250)
(6,858)
(10,813)

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

(6,250)
(8,581)
(5,375)

(2,578)
(8,784)
(6,461)
(41,744)

(15,715)
(3,615)
(6,461)

(61,940)

(9,750)
(3,446)
(16,688)
(27,715)
(3,615)
(8,671)
(69,885)

(66,206)

(13,933)
(8,841)
(32,659)
(75,639)

(55,520)

(54,725)

(59,885)

(34,944)

(60,206)

(69,639)1

(55,520)

(59,885)

(54,725)

(34,944)

(20,000)
(80,206)

(69,639)

IJJ

Cash Flow Before Capital Expenditures

Capital Expenditures

14

Cash Flow From Operations

Restructuring:
Pre-Petition Interest
DIP Fees
DIP Interest
Legal, Restructuring and US Trustee Fees

15
16
17
18

UCC Counsel and Financial Advisor

Utility Deposits
Capital Event
Principal Payment to DIP Lender and Alpine Bank
Total Restructuring Costs

19
20
21

Total Cash Flow Before DIP

Beginning Cash
Total Cash Flow Before DIP
Term Loan Draw
'lding Cash
-

22

(62,667)
(275,000)
(20,000)
1,800,000

1,378,833

(83,206)

1,334,274

(114,180)

(68,556)

(64,233)

2,938,298
2,855,092
(83,206)
1,334,274
$ 2,855,092 $ 4,189,366

(63,500)

(62,667)
(284,750)
(20,000)

(430,917)

(477,728)

(55,520)

(63,500)

(54,725)

(59,885)

(275,000)
(20,000)
-

(62,667)
-

--

(295,000)

(126,167)

(329,944)

(206,373)

(69c6~

4,189,366
4,075,186
4,006,630
3,942,397
3,464,669
3,409,149
3,354,424
3,294,539
2,964,595
2,758,223
(477,728)
(114,180)
(68,556)
(64,233)
(55,520)
(54,725)
(206,373)
(69,639)
(59,885)
(329,944)
$ 4,075,186 $ 4,006,630 $ 3,942,397 $ 3,464,669 $ 3,409,149 $ 3,354,424 $ 3,294,539 $ 2,964,595 $ 2,758,223 $ 2,688,584

2 of 5

Printed on 7/9/2012 at 1:43 PM

Cordillera Golf Club LLC

Forecasted Cash Flow Budget
For the Weeks Ended June 29, 2012- June 28, 2013
12/14/12

12/21/12

12/28/12

1/11/13

1/4/13

1/18/13

1/25/13

2/1/13

2/8/13

2/15/13

2/22/13

3/1/13

Revenues:

.0:
1-

a;

0>
"C

"'"

I'
w

Membership Dues Social & Golf

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

Golf Shop Sales
Food and Beverage

2
3
4

10,800

Other Revenue
Total Revenues

Cost of Goods: F&B

Food & Beverage Operations
Golf Operations
Golf Course Maintenance
Other Amenities/Misc. Expense
General I Administrative I Management
Building Maintenance
Utilities, Insurance, POA
Property Taxes
Total Operational Disbursements

6
7
8
9
10
11
12
13

Cash Flow Before Capital Expenditures

Capital Expenditures
Cash Flow From Operations

Restructuring:
Pre-Petition Interest
DIP Fees
DIP Interest
Legal, Restructuring and US Trustee Fees

14

15
16
17
18

UCC Counsel and Financial Advisor

Utility Deposits
Capital Event
Principal Payment to DIP Lender and Alpine Bank
Total Restructuring Costs

19
20
21

215,625

215,625

{42,453)

(6,250)
(8,581)
(5,374)
(1S,496)
(8,841)
(10,191)
{54,733)

{102,405)

(6,250)
(8,581)
(7,275)
(16,396)
(8,841)
(8,671)
{56,014)

{76,137)

(30,453)

{62,935)

172,892

125,220

171,611

{76,137)

{30,453)

{62,935)

172,892

125,220

(63,500)
(62,667)
-

{275,000)
(20,000)

(6,250)
(8,581)
(7,275)

(32,71S)
(3,615)
(10,191)
(86,937)

(2,835)
(8,841)
(8,671)

227,625

227,625

227,625

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

(22,182)
(3,445)
(14,788)
(2S,713)
(3,615)
(10,191)
{79,934)

Total Cash Flow Before DIP

{76,137)

(325,453)

{189,102)

172,892

Beginning Cash
Total Cash Flow Before DIP

2,688,584
{76,137)

12,000

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

215,625

12,000

12,000
227,625

12,000

12,000

227,625

227,625

179,366

130,220

171,611

147,691

179,366

{63,500)

171,611

2,612,447
2,286,994
2,097,892
2,270,784
125,220
(325,453)
(189,102)
172,892
$ 2,286,994 $ 2,097,892 $ 2,270,784 $ 2,396,004

2,396,004
171,611

$ 2,567,615

(231,500)
(20,000)

(62,667)
-

(251,500)

{126,167)

215,625

147,691

(13,933)
(8,841)
(10,191)
(48,260)

(6,2SO)
(3,671)
(5,374)

215,625

(22,182)
(3,446)
(14,788)
(20,715)
(3,615)
(32,659)
{97,405)

125,220

3 of 5

12,000

(126,167)

$ 2,612,447

{295,000)

22

21S,62S

(22,182)
(3,445)
(14,787)
(20,71S)
(3,61S)
(10,191)
{74,935)

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

~-

12,000

10,800

12,000

Ending Cash - -

215,625

12,000
227,625

12,000
12,000

Term Loan Draw

(6,2SO)
(3,671)
(7,275)

215,62S

12,000
227,625

12,000

(22,182)
(3,445)
(14,788)

(14,835)
(8,841)
(8,671)

12,000

(6,250)
(2,727)
(12,248)
(ll,S34)
(2,288)
(6,794)

{49,543)

(20,715)
(3,615)
(10,191)
{74,936)

{41,841)

178,083

152,689

{29,841)

130,220

178,083

152,689

{29,841)

(63,500)

(62,667)
-

(142,500)
{20,000)
-

{162,500)

(126,167)

178,083

(9,811)

(156,007)

2,567,615
2,463,806
2,517,005
2,647,225
{103,809)
53,199
130,220
178,083
$ 2,463,806 $ 2,517,005 $ 2,647,225 $ 2,825,307

2,825,307
(9,811)

2,815,496
(156,007)

{103,809) ~199

130,220

$ 2,815,496

$ 2,659,489

Printed on 7/9/2012 at 1:43 PM

Cordillera Golf Club LLC

Forecasted Cash Flow Budget
For the Weeks Ended June 29, 2012- June 28, 2013
3/15/13

3/8/13

3/22/13

4/5/13

3/29/13

4/12/13

4/26/13

4/19/13

5/3/13

5/10/13

5/17/13

5/24/13

Revenues:
Membership Dues Social & Golf

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

2
3
4
5

Golf Shop Sales

Food and Beverage
Other Revenue

<{

>-

5:

G)

""'

"C

::>
ID

12,000

12,000

Total Revenues

[ii

Cast of Goads: F&B

Food & Beverage Operations
Golf Operations
Golf Course Maintenance
Other Amenities/Misc. Expense
General f Administrative I Management
Building Maintenance
Utilities, Insurance, POA
Property Taxes
Total Operational Disbursements

6
7
8
9
10
11
12
13

Cash Flow Before Capital Expenditures

14

Capital Expenditures
Cash Flow From Operations

- $
12,000
12,000

$
-

12,000
12,000

12,000

12,000

16,000

12,000

12,000

16,000

(22,182)
(6,844)
(28,060)

(10,000)
(4,691)
(29,988)
(7,286)
(3,856)
(10,191)

(125,609)

(66,012)

(121,941)

{66,020)

(50,012)

(105,941)

(20,472)

{113,609)

(20,000)
{40,472)

(113,609)

(50,012)

(63,500)

{33,245)

(77,938)

16,000

(29,182)
(19,568)
(32,500)
(1,637)
(23,715)
(5,615)
(32,659)

(77,938)

(10,000)
(4,690)
(29,998)
(7,285)
(3,856)
(10,191)

(33,245)

(90,405)

(26,182)
(14,358)
(34,400)
(32,715)
(5,615)
(8,671)

{90,405)

16,000

(89,938)

16,000
16,000

(25,715)
(3,615)
(32,659)
{102,405)

(32,249)
(3,615)
(32,659)

- $

7,325
1,000
20,000

21,375

5,250
400
20,000
25,650

(10,000)
(3,794)
(17,219)
(6,310)
(2,805)
(1,405)
(6,794)

(16,750)
(10,674)
(34,400)
(2,137)
(30,718)
(5,615)
(8,671)

{144,876}

(48,327)

{108,965)

(10,000)
(8,978)
(17,219)
(800)
(2,805)
(1,406)
(6,794)
(48,002)

{50,020)

(128,876}

(26,952)

(83,315)

(19,677)

{105,941)

(50,000)
{100,020)

(128,876)

(26,952)

(83,315)

(19,677)

(63,500)
(62,667)
(131,500)
(20,000)

(6,250)
(1,887)
(12,250)
(3,006)
(2,285)
(6,794)
(32,472)

16,000
16,000

(6,250)
(1,887)
(14,148)
(12,000)
(2,289)
(8,671)
(45,245)

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

(22,182)
(6,844)
(24,788)
(25,715)
(3,615)
(6,794)

1,875
300
19,200
-

28,325

Restructuring:

Pre-Petition Interest

Legal, Restructuring and US Trustee Fees

15
16
17
18

UCC Counsel and Financial Advisor

Utility Deposits
Capital Event
Principal Payment to DIP Lender and Alpine Bank

19
20
21

DIP Fees
DIP Interest

Total Restructuring Costs

~- (62,667)

(167;s0o)
(20,000)

(187,500)

(126,167)

(113,609)

(50,012)

(265,438)

(166,639)

Beginning Cash
Total Cash Flow Before DIP
Term Loan Draw

2,659,489
(90,405)

2,569,084
(33,245)
-

2,535,839
(265,438)

2,270,401
(166,639)
-

(33,245)

(90,405)

Total Cash Flow Before DIP

Ending Cash_ _ _

22 .i_ 2,569,084_ $ 2,535,1139

$ 2,po,401

(277,667)

(105,941)

(377,687)

(128,876)

(75,000)
(20,000)

(95,000)

(26,952)

(83,315)

(114,677)'

2,103,762
1,990,153
1,940,141
1,834,201
1,456,514
1,327,638
1,300,686
1,217,371
(113,609)
(50,012)
(105,941)
(377,687)
(128,876)
(26,952)
(83,315)
(114,677)
[2,103,7g_ $ 1,990,153 $ 1,940,1~ ci_ 1,834,201 $ 1,456,514 $ 1,327,6~ ci_ 1,300,686 $ 1,217,371 $ 1,102,694

4 of 5

-J

Printed on 7/9/2012 at 1:43 PM

Cordillera Golf Club LLC

Forecasted Cash Flow Budget
For the Weeks Ended June 29, 2012- June 28, 2013
5/31/13

6/7/13

6/14/13

TOTAlS

6/28/13

6/21/13

Revenues:

Membership Dues Social & Golf

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

Golf Shop Sales
Food and Beverage
Other Revenue

2
3
4
5

Total Revenues

<(

"' "'""'

>-I

X
UJ

"0

::>

Cost of Goods: F&B

Food & Beverage Operations
Golf Operations
Golf Course Maintenance
Other Amenities/Misc. Expense
General I Administrative I Management
Building Maintenance
Utilities, Insurance, POA
Property Taxes
Total Operational Disbursements

6
7
8
9
10
11
12
13

Cash Flow Before Capital Expenditures

14

Capital Expenditures
Cash Flow From Operations

Restructuring:
Pre-Petition Interest
DIP Fees
DIP Interest
Legat Restructuring and US Trustee Fees

2,084,237

9,750
2,000
21,000
32,750

572,236
116,252
621,570
5
3,394,300

9,750
2,000
21,000
32,750

(16,750)
(12,896)
(32,500)
(2,137)
(23,715)
(5,615)
(6,794)
(100,407)

(11,000)
(25,011)
(33,468)
(1,000)
(20,044)
(4,838)
(32,659)
(128,020)

(141,962)

(69,807)

(95,270)

(109,212)

(60,000)
(129,807)

(95,270)

{109,212)

(75,000)
(20,000)

(62,667)

(95,000)

(126,167)

(2,330,011)

9,750
2,000
21,000

9,750
2,000
21,000

32,750

32,750

(33,907)
(18,797)
(32,500)
(3,237)
(37,715)
(5,615)
(10,191)

(11,000)
(11,313)
(35,369)
(1,000)
(8,511)
(4,838)
(8,671)
(80,702)

(33,907)
(19,636)
(32,509)
(3,237)
(25,717)
(5,619)
(10,191)
(130,816)

(784,988)
(592,771)
{1,323,467)
(55,199Ji
(1,096,583)
(286,272)
(810,416)
(431,890)
(5,381,586)

(47,952)

(98,066)

(1,987,286)

(47,952)

(60,000)
(158,066)

(285,000)
(2,272,286)

(63,500)

(762,000)
(188,000)
(694,936)
(2,233,075)
(220,000)
(32,000)
1,800,000

(62,667)
-

19
20
21

9,300
1,300
20,000
30,600

(63,500)

15
16
17
18

UCC Counsel and Financial Advisor

Utility Deposits
Capital Event
Principal Payment to DIP Lender and Alpine Bank

Total Restructuring Costs

(126,167)

Total Cash Flow Before DIP

(255,974)

(95,270)

(109,212)

(142,952)

(284,232)

(4,602,297)

Beginning Cash
Total Cash Flow Before DIP

1,102,694
(255,974)
846,721

846,721
(95,270)

751,451
(109,212)

642,239
(142,952)

499,287
(284,232)

117,352
(4,602,297)
4,700,000
215,055

Term Loan Draw

Ending Cash - -

22

751,451

642,239

499,287

5 of 5

215,055

Printed on 7/9/2012 at 1:43 PM