Taberna Country Club to file for bankruptcy
Taberna Country Club will file bankruptcy to cater to the claims of creditors and would start with the sale of the property. However, that won't have a negative impact on members.
Rodney Currin, an attorney for the owners, confirmed the news of bankruptcy and assured members safety.
He said, “We will stop the foreclosure before it occurs. The people, who are running the club, will continue to run it in the same fashion that it was run before. In other words, the club is not going to shut down or go out of business. What we will do,
in all likelihood, is file a Chapter 11 reorganization to stop the foreclosure. And what we will do is refinance that Textron debt within the Chapter 11 (bankruptcy), and so the club will continue to operate as it always has”.
According to the attorney, the Textron Financial Corporation will be managing the foreclosure on a loan, which was reimbursed in 2005 to facilitate the current owners in purchase of the club and golf course.
He explained the reason behind the bankruptcy. He said that the club was financially sound and was running with stability, but a large payment accrued, which forced the owners to opt for the sale.
On the other hand, Karen Gordon Quintal, director of corporate communications for Textron was contacted for verification, but she denied providing any information. However, she did say that the club was involved in liquidation of assets that included aviation
and golf equipment products.
The sale of the club might have a negative impact on the residents of the area, as the club served as a community centre for them.
John Serumgard, president of the Taberna Homeowners Association, said, “We are naturally concerned that the club’s owners currently are facing some financial difficulties. We hope that they can deal with these issues in a manner that will be in the best
interests of themselves, the club membership, and the Taberna community”.
A hearing on the foreclosure is planned on 27th January 2011, and the sale of the massive property that contains the club and golf course is programmed for February 25th.
Golf clubs are part of the economy and as the indicators predict a recession, which means that clubs are expected to face consequences. Taberna Country Club is part of the same economy and hence is likely to file for bankruptcy.
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