Ford's Colony Country Club Bankruptcy Case Comes to Close

Wednesday, April 13, 2011

The Ford’s Colony Golf Club bankruptcy case is coming to a close after the Club withdrew its reorganization plan, leaving Prudential in the driver’s seat and the Club under new management.

Ford’s Colony Country Club filed for Chapter 11 bankruptcy protection last spring. The Club, Prudential and the Creditors Committee couldn’t agree on one plan of reorganization, so two plans were filed, with a judge ruling that members would have a chance to vote on each. Late last week, the groups came to a settlement and the Club withdrew its plan, leaving just the one submitted by Prudential and the Creditors Committee.

The remaining plan reflects some financial agreements reached with the debtors, and will be voted on by Club members in the next week or two. Under the settlement agreement, new management under the direction of Prudential will be put in place May 3. The new management will likely be Affiniti Golf (read their management proposal here).

May 3 is also the date set for the court’s confirmation hearing. All Club members are invited to a meeting at 4 p.m. on April 19 in club's pavillion to hear about the reorganization plan and hear from Affiniti.