By The Associated Press
COLUMBUS, Miss. (AP) — The Columbus Country Club, which has been open since 1923, has filed for Chapter 11 reorganization in federal court, putting the claims of 24 creditors temporarily on hold while the institution tries to restructures its debt.
Club president Kirk Hardy tells the Commercial Dispatch that the club should be able to come out of bankruptcy better and stronger. Until then, he said it is “business as usual” at the club.
A creditors’ meeting is scheduled for June 12 in Aberdeen. Hardy says the five largest creditors are banks.
The club laid off six workers, including golf pro Tom Riley, and cut maintenance expenses by 35 percent. Hardy says the club continued to lose money.
The club is owned by 84 shareholders
Information from: The Commercial Dispatch, http://www.cdispatch.com
Copyright 2011 The Associated Press.