The Disputanta, Va., club, assessed at $1.8 million for its 113 acres, filed for Chapter 11 bankruptcy protection. The 50-year-old public golf course will stay open for business during the process as owner Virginia Golf LLC considers the appropriate course of action, which could include selling the property to investors.
Hermitage Management LLC will take title of the Nevada golf and country club and cancel a $17.9 million debt.
Work continues on plan to have Arnold Palmer Golf Management take control of the Prescott, Ariz. property.
The Connecticut club’s President says members have formed a limited liability corporation to acquire the $8M debt. The course will remain open for play as recovery efforts are pursued.
In July, lender Textron Financial Corp. filed a foreclosure lawsuit against Tavor Holdings, which owns the 233-acre, 36-hole south Florida golf course and its clubhouse, and has been trying to sell the property.
The club closed Jan. 31, and the auction was scheduled for Wednesday, February 23, 2012 at 10 a.m.
The plan comes just days after Marriott filed court papers declaring its frustration with the slow pace of RQB Resort’s restructuring and requesting permission to propose its plan of reorganization for the company.
An entity tied to the golf and country club’s founder and owners has agreed to lend it $1.5 million while the club works through Chapter 11 bankruptcy protection.
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