Warrior Acquisitions, owner of Lakota Canyon Ranch & Golf Club, filed for Chapter 11 relief. The U.S. Bankruptcy Court has authorized the payment of employee wages and benefits, payment to vendors and suppliers going forward.
Sierra La Verne CC Owners Plan to Close, File Bankruptcy
The current designation prohibits development of the property, but the owners are not barred from initiating what could be a lengthy process to attempt to change that status.
Homeowners Vow to Fight Plan to Develop Black Mountain G&CC
The closing of the bankrupt, 60-year-old, member-owned Henderson, Nev. property is approaching and plans are in the works for a developer to build 1,000 new houses and apartments. “If I had a magic wand that would make a golf course feasible for this property, I’d wave it—but I don’t,” said the club’s attorney, who described…
The Refuge G&CC Reorganizes Under Chapter 11
The Lake Havasu, Ariz., property filed for reorganization in May 2017 and after months of review and auditing by the federal trustee and judge, the plan was confirmed on December 8, 2017. The club reports that membership numbers have increased since confirmation. The Refuge Golf and Country Club in Lake Havasu, Ariz., has announced the…
Highland CC Files for Chapter 7 Bankruptcy
The 117-year-old golf course in Attleboro, Mass., filed the bankruptcy petition on January 24, listing assets totaling $1.9 million and creditor claims of $1.77 million. The club had previously been considering filing for Chapter 11 bankruptcy, but it was put off while a group of members considered purchasing the property. Highland Country Club, the 117-year-old…
Las Cruces (N.M.) CC Owed $4.8M
U.S. Bankruptcy Court documents show one receivable owed to the club that could be used to pay off creditors, though they did not specify who owes the money or how it could be collected. The club filed for Chapter 7 bankruptcy in November 2016 and 86 businesses and individuals who may be owed money have been sent notice of the club’s bankruptcy.
Agawam Hunt Club Files for Bankruptcy
The non-profit, Rumford, R.I., club filed for Chapter 11 on January 13, and has since sought court approval to pay its staff of 30. The club was founded in 1897 and offers an 18-hole golf course, 14 outdoor tennis courts, two indoor hard courts and three squash courts to its 420 members.
How Clubs Die
In most cases, any reasonable dues increase is affordable by the members…but to the club itself, it is a huge liability if the dues increase doesn’t pass. Over time, it sets the stage for club failure.
Treetops Resort Unloads $35M in Debt, Seeks Growth
The Gaylord, Mich., resort, which emerged from bankruptcy in July, has shed most of its debt through the reorganization and may be ready to seek new financing for improvements and growth. The resort itself is on pace for nearly $13 million in annual revenue, with varying monthly income but averaging a few percentage points above break-even.
Judge Approves Woodhaven CC Bankruptcy Plan
Under the plan, the owners of the Fort Worth, Texas club agree to pay a $2.5 million note over the next two years to the former owner, Scoma Family L.P., fulfilling a $1 million capital improvement program on the facilities, and paying all owed local, state and federal taxes over five years. The owners filed for Chapter 11 bankruptcy protection in April to avoid foreclosure.
Treetops Resort Emerges from Bankruptcy
The Gaylord, Mich., resort filed for Chapter 11 bankruptcy protection last year, and was also the site of a University of Michigan fraternity rampage in January that left more than $400,000 in damage.
The GC at Briar’s Creek Bankruptcy Exit Plan Contingent on $11.3M Sale
A federal judge approved the bankruptcy exit plan of the Johns Island, Ga., property, pending its sale to NFL team owner Bob McNair. That deal is expected to close Friday.
Rival Bidder Shows Interest in The GC at Briar’s Creek
R. Black Global LLC, a New York real estate company, has emerged as a rival bidder on the Charleston, S.C., property, offering $11.8 million against the $11.3 million bid submitted by a group that includes Houston Texans owner Robert McNair. A court auction is scheduled for today to determine the buyer.
Spokane (Wash.) CC Considers Sale
Two years after seeking bankruptcy protection to prevent the collection of a $1.4 million gender discrimination verdict and related legal costs, the club could be sold, as it has since lost 32 members with 59 charter members on an “exit list.”
The Crosby at Rancho Santa Fe Files for Bankruptcy
The San Diego property has filed for Chapter 11 protection, and according to the filing, the club owes hundreds of creditors between $10 million and $50 million. The club says it has up to $50 million in assets.