Mississippi’s oldest golf course files for bankruptcy
GULFPORT, Miss. (AP) — Mississippi’s oldest golf course has filed for bankruptcy.
Gulfport’s Great Southern Golf Club filed for Chapter 11 bankruptcy reorganization on Wednesday. In an initial filing, the court lists both assets and debts as being between $1 million and $10 million.
Board President Ellis Hill tells the Sun Herald the club wants to restructure $4 million in debt it has accumulated since Hurricane Katrina struck in 2005, destroying the 1908 course.
Hill says the club couldn’t agree on new terms with a lender. He says the club has not been able to make debt payments recently.
Hill says the course has closed its unprofitable restaurant and is seeking to lease the space. He says the course plans to sell property not used for golf to pay down debt and make improvements.
Information from: The Sun Herald, http://www.sunherald.com