Greenbrier bankruptcy dismissed
News Service May. 20, 2009, 3:20am
RICHMOND, Va. -- U.S. Bankruptcy Judge Kevin Huennekens on Tuesday dismissed The Greenbrier's bankruptcy filing.
The resort's new owner Jim Justice and chief financial officer Mike McGovern testified during the one-hour hearing before the United States Bankruptcy Court for the Eastern District of Virginia in Richmond.
"This is a terrific outcome for everyone," Justice said. "It's a win-win-win for everybody, for the employees, community, CSX, Marriott and The Greenbrier.
"Now we can put this behind us and really start moving forward with growing our business and restoring our fifth star to our five-star bloodline."
In his testimony, Justice assured Huennekens that his company, Justice Family Group, had the financial means to make the plan work. Both Justice and McGovern testified that dismissing the case would be in the best interest of employees, the community and creditors and that the resort's creditors would be paid in full immediately.
During the hearing, the resort's attorneys proffered testimony of support from Jeff Bryant, principal at Greenbrier East High School where Justice has been the girls' basketball coach since 2000. Attorneys for Marriott, the Greenbrier Council of Labor Unions, a member of The Greenbrier Sporting Club and an association that meets regularly at the resort were present for the hearing and offered additional endorsements for the dismissal. Justice also brought a stack of letters of support from employees, Greenbrier County residents and elected officials.
The ruling dismisses the chapter 11 filing made on March 19.
"Judge Huennekens was very pleased to dismiss this case," Justice said. "He told us that normally, bankruptcy cases do not have happy endings, but this one certainly does.
"He thanked everyone involved for their hard work and wished us good luck. This is a great day for all of us and I am thrilled that we can put all of this behind us and work together for a great future for this West Virginia treasure."