Firethorne Country Club has gone in for bankruptcy filing 0
Here is another country club that has gone in for bankruptcy filing, to add to the growing list of such clubs and entertainment ventures. When the economy is in the doldrums, it is expected that there would be a number of casualties, which are all getting visible clearly in this day and age. The Firethorne Country Club went in for bankruptcy filing even as it closely avoided being handed over to a court receiver. There was a suit that was filed against Firethorne Country Club by Textron Financial Corp. which says that Firethorne Country Club took $ 8 million from it, of which more than $5.5 million are still pending.
Firethorne Country Club is seen to have a number of creditors to the extent of 200, with assets and liabilities being between $ 1million and $ 10 million. The company has gone in for Chapter 11 bankruptcy filing and expects some resolution of the matter in the next 90 to 120 days, as mentioned in a letter from Firethorne Country Club. The club has fallen n tough days due to the recession, which has affected quite a lot of the club’s operations. Textron says that the Firethorne Country Club as not made any payments since June.
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