White Sulphur Springs Holdings LLC v. Greenbrier Hotel Corporation (The Greenbrier Receivership Fight)

Lending & Foreclosure Pending
Date
July 21, 2026
Added to tracker
October 10, 2026
Court or forum
U.S. District Court for the Southern District of West Virginia
State
West Virginia
Presiding judge
Frank Volk
Property type
Hospitality
Amount / scale
$289M in disputed loan debt; borrower has proposed a $500M refinancing to retire it
Parties
Plaintiff/Lender: White Sulphur Springs Holdings LLCParent of Plaintiff: TRT Holdings, Inc.Defendant/Borrower: Greenbrier Hotel CorporationOriginal Lender: Carter Bank & Trust

White Sulphur Springs Holdings LLC ('WSSH'), an entity backed by TRT Holdings Inc. (Omni Hotels' parent), sued Greenbrier Hotel Corporation in federal court in West Virginia seeking a receiver over The Greenbrier resort after a forbearance agreement on roughly $289 million in loans -- purchased at a discount from Carter Bank & Trust -- lapsed. Greenbrier Hotel Corporation countersued WSSH in state court and sought to stay the federal case, while the resort's ownership pursued a $500 million refinancing to pay off the WSSH debt; an initial July 16, 2026 closing deadline passed without a deal, and the federal judge ordered the borrower to show cause by July 21 why the receivership litigation should not resume.

Why it matters

The dispute shows how a secured lender that buys distressed commercial debt at a discount can gain outsized leverage to force a receivership, and how a borrower with resources can fight the sequence of litigation across state and federal court while racing to close a refinancing. The resort's casino license and roughly $4.4 million in disputed state taxes are also entangled in the outcome, illustrating how a receivership fight over a licensed hospitality asset pulls in regulators and other creditors well beyond the named lender.

Original source ↗

A legal fight over control of The Greenbrier, the historic luxury resort in White Sulphur Springs, West Virginia, has escalated from a loan dispute into a full test of a secured lender's remedies against a marquee commercial borrower. The case turns on roughly $289 million in debt that Carter Bank & Trust sold earlier this year to White Sulphur Springs Holdings LLC, an entity backed by TRT Holdings Inc., the parent company of Omni Hotels. After a forbearance agreement with the resort's owner, Greenbrier Hotel Corporation, lapsed, WSSH asked the U.S. District Court for the Southern District of West Virginia to install a receiver, hospitality executive Michelle Russo, with authority to take operational control of the property and, if necessary, pursue a sale or bankruptcy filing.

Case timeline · 3 entries Latest: July 21, 2026 — Federal judge's show-cause deadline passes after a July 16 refinancing-closing target is missed; $500M refinancing remains unclosed

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CREdocket summarizes public court records and reporting; see our sourcing standards and corrections log. Not legal advice. Facing something similar? Contact us.