Valley CC has reorganized from a nonprofit to a for-profit corporation and will hold its 60th season this year.
The bankrupt Valley Country Club, Warwick, R.I. has reorganized from a nonprofit to a for-profit corporation and will hold its 60th season this year, club president Ron Diodati told The Providence Journal.
Owing money on its mortgage, the club was facing an auction in December. It was preparing to close, and was canceling events and returning deposits when members came up with the reorganization plan. Instead, it continued to operate, the club said in a news release.
The reorganization keeps it as a member-owned facility. The former owner, Valley Country Club on Ledgemont, will be liquidated and its assets acquired by Valley CC Investors LLC.
The new organization has satisfied its obligations to Centreville Bank and obtained a new mortgage from the Washington Trust Co. The members raised $2.8 million to pay down its debt and obtain the new mortgage.
Washington Trust requires that the club maintain a membership of 170. The club said it has 184 members. It is recruiting new members and is offering memberships for $375 per month, $468 for families.