Brightwater goes bankrupt
GYPSUM, Colorado – The parent company for the struggling Brightwater development filed for bankruptcy protection this week, listing debts of more than $100 million.
Clearwater Development Inc., filed Monday in U.S. Bankruptcy Court in Denver. The company listed secured debt of $69.5 million and $32.8 million in unsecured debt.
Kennedy Funding Inc., is owed the most, $62.3 million.
Clearwater lists assets of $8.29 million in Brightwater, mostly in real estate.
The Brightwater metro district issued $21 million in bonds to pay for streets, utilities and other services at the projects.
Brightwater was annexed into Gypsum in the mid 1990s. Brightwater owes the town no money, town officials said Wednesday.
Brightwater has been struggling almost since it was launched. The golf course/residential is located on a former ranch south of Gypsum, about 35 miles west of Vail.
The 963-acre gated community was supposed to have 535 homes, some priced at more than $1 million.