GULFPORT, Miss. (WLOX) – The Great Southern Golf Club, Inc. Filed for reorganization beneath Chapter eleven of the financial disaster laws Wednesday. This degree became taken to offer a possibility for Mississippi’s oldest golf route to restructuring its debt that has gathered because Hurricane Katrina destroyed the course in 2005.
“Although the golf membership has been cash go with the flow positive thus far this yr, we’ve got no longer been in a function to pay the debt carrier nor pay a Promissory Note due that became secured by way of a Deed of Trust for the 129 acres,” said Ellis Hill, President of Great Southern’s Golf Club Inc.’s Board. He also said that the club had been working with several creditors for a bridge mortgage over the last few months.
“We have been very near completing a loan with a lender closing week, but the lender changed the phrases of the loan at the very quiet, which can have resulted in the out of town lender owning the property,” Hill said.
The Great Southern Board has been running on a plan to promote components of their property that are not used for the golfing direction to build condos and unmarried-circle of relatives homes taking the profit from the one’s income to retire all the lengthy-term debt first, then provide price range to improve the course, and to pay dividends to stockholders, if possible.
The long-time period debt is simply over $four million, and an estimated $1 million might be had to enhance the route. Part of the Home Owner’s Association dues might be used to preserve the not unusual floor and golfing direction. This movement will offer a stepped forward monetary scenario with a purpose to permit the golf membership to retail operations.
WLOX reported in June the assets could be put up for foreclosures, and the golf path turned into firstly scheduled for a public sale on July 8. Hill instructed WLOX News Now the foreclosure will not take location following the financial disaster submitting.
As a part of value cutting measures, the membership will near its eating place which has no longer been profitable and keeps to promote beverages and snacks from the Pro Shop as it searches for a likely tenant to hire the restaurant with full kitchen gadget and furniture.
The Great Southern Golf Club is Mississippi’s oldest golf course. It changed into the set for foreclosure court cases on July 8. I’m checking to peer what Chapter eleven financial ruin reorganization method for the foreclosures auction.
It’s thrilling to examine the board desires condos and unmarried own family houses on components of its 129-acre property to save the golf path. Home Owner’s Association costs connected to those homes would “permit the golfing membership to retain operations.”
update no foreclosures
Filed for financial ruin nowadays
Trying to reorganize its debt
Will near the golf path eating place
Will preserve the golfing way open
Searching for a developer to build homes and condos and generate price range to permit the golf club to hold operations