After a year of negotiations with the Bank of Stockton, the Stockton Golf & Country Club, with 109 years of history to its name, has laid out plans to exit Chapter 11 bankruptcy in August.
The news came following a bankruptcy court hearing on June 21.
In a bid to reorganize its debts, the country club proposes a 19-year plan that will drastically reduce its liabilities, potentially saving over $9 million and ensuring the continuation of its operations.
The officials of the country club reassured their commitment to upholding the same level of service during the bankruptcy process, aiming to keep the impact on day-to-day operations and special events to a minimum.
“Our golf course improved, our food and beverage service remained excellent, and we continued the maintenance of our facilities," the statement read. "We also boosted our non-member banquet food and beverage revenues, with more events booked through 2024."
Scheduled to take effect on August 15, the reorganization plan includes $1 million in capital reinvestment over the next five years, funded by the club's membership.
In a fresh strategy to attract patrons, the country club is set to introduce "dining memberships." Priced at less than $100 per month, these memberships offer the privilege of partaking in food and beverage events throughout the year at rates more affordable than traditional retail restaurants.
The statement further detailed that the deal with the Bank of Stockton will allow the club to improve all aspects of their services and attract younger generations to the Stockton Golf & Country Club.
Founded in 1914 and nestled along the San Joaquin River, the Stockton Golf & Country Club is the city's oldest Country Club. In the past two years, the club has seen a $1 million reinvestment and the induction of a new management team to enhance its amenities and services.