Cliffs Development Emerges From Bankruptcy Under New Ownership

The Cliffs golf communities, officially known as The Cliffs Club and Hospitality Group, emerged from bankruptcy under the new ownership of a group of corporate partners, GSABusiness.com reports. 

The organization plan approved by a bankruptcy judge stipulates that the new ownership, Silver Sun Partners, will repay club members who invested in The Cliffs some $64 million over the next 20 years and invest up to $85 million to acquire real estate for development. When The Cliffs - a project headed by Jim Anthony in the Upstate - , it listed more than $300 in liabilities with at least $50 million in debt. 

Its new ownership, Silver Sun Partners, is a partnership between The Carlile Group, Arendale Holdings and SunTx Urbana.