GAINESVILLE, Fla. (WCJB) — Attorneys presented a new plan to dramatically restructure Celebration Pointe in Gainesville to satisfy $200 million in debt during federal bankruptcy court proceedings on Wednesday.
If the plan is approved, the assets of Celebration Pointe Holdings will be distributed to about 30 debtors. Lawyers hope to keep Celebration Pointe and its remaining businesses operational.
The debtors will have to confirm the plan, which is most dependent on the consent of major investor Patricia Shively. She would have to agree to pay administrative expenses, tax claims, and other contributions…