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Bonita Bay Group Statement on Shadow Wood agreement

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"BONITA SPRINGS, Fla. (Aug. 20, 2009) – Bonita Bay Group confirmed today that it has reached an agreement in principle with the advisory boards of Shadow Wood Country Club and The Brooks Commons Club on a sale of the combined club assets to club members. The agreement is subject to final documentation and a vote of approval by the combined membership of the clubs.

Bonita Bay Group declined to confirm the terms of the sale agreement.

Tim Boates, chief restructuring officer for Bonita Bay Group, said all parties are working to complete the sales process by the end of September; however, the company has agreed to continue operating the clubs through the end of October if necessary, with the provision that membership dues remain current.

“This has been an arduous process with a focus on a mutually beneficial outcome for the parties involved,” said Boates. “I commend the advisory board leadership for their diligent efforts throughout the process, and I am hopeful that all members of these clubs will recognize that their ratification of the proposed agreement will provide all parties with the best possible resolution to our mutual challenges.”

The sales agreement includes Shadow Wood Country Club and its two 18-hole golf courses; the Shadow Wood Preserve club and golf course, and the amenities at The Brooks Commons Club, including a fitness center, restaurant and beach club.

Boates said Bonita Bay Group is continuing negotiations with the advisory boards of its other membership clubs in Southwest Florida. The company recently announced it had reached an amended credit facility with its senior lending group to provide funding for its ongoing development operations.

Bonita Bay Group has been operating for more than 25 years in Southwest Florida as a diversified company involved in the development of master-planned communities. Additional information about the company is available at"
-- Bonita Bay Group Statement on Shadow Wood agreement » Naples Daily News
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Bonita Bay Group Statement on Shadow Wood agreement