Continental Country Club Blog

July Chapter 11 Update

By Jon Held, President, Continental Country Club HOA

Work continues to resolve issues that will allow Continental Country Club to emerge from its Chapter 11 reorganization on many fronts.

Two items have been the primary focus of our efforts this past month. The first is the ongoing negotiations to achieve a settlement in the Lake Elaine matter and we remain optimistic that an agreement can be reached in the near future.

The second involves the continued review of all of our assets that can help us achieve the goal of putting Continental Country Club on a sound footing. As part of that effort, we are exploring the possible sale of the golf course. Some interest has been shown towards a potential purchase of the golf course, although no offers have been received to date.  We continue to participate in discussions with interested parties and have also had conversations with a broker that specializes in golf course sales.

The scheduled date for the submission of our reorganization plan to the Bankruptcy Court is Oct. 9, 2021. Resolution of the Lake Elaine matter, the reserves outlined in the reserve study, any impact from a possible sale of the golf course and the settlement agreement reached with SunWest Bank will all be important components of that plan.  We will be reaching out to homeowners for approval of that plan in conjunction with approval by the Bankruptcy Court.

The monthly June operating report required by the Bankruptcy Court was submitted on June 15 and is available in the owner’s portal.