Bankruptcy Filed for CCWP, Foxfire
Avestra Golf Management has filed Chapter 11 bankruptcy for the Country Club of Whispering Pines and Foxfire Resort & Golf Club.
Avestra owns or manages The Country Club of Whispering Pines, Foxfire Resort and Golf Club and Southern Pines Golf Club. Southern Pines Golf Club is not part of the filing, according to Woody Davis, president and CEO of Avestra.
(Because of an editing error, the front-page story in Sunday’s edition of The Pilot said that Southern Pines Golf Club is also owned by Avestra. In reality, Avestra leases the golf course, pro shop, halfway house and driving range from the Southern Pines Elks Club. The Pilot regrets the error.)
"There is no hidden agenda and we are not trying to get rid of anything," Davis said in a phone interview Saturday. "This is all about getting things moving in the right direction."
Davis stressed that the filing would have no effect on memberships, staff or operations of the affected clubs.
"Everything is going to be just like it is now," Davis said.
In an e-mail sent to members of the Country Club of Whispering Pines, Davis wrote that "the negative economic environment in which we have been operating for the past couple of years has placed tremendous pressure on our company. ...we have engaged what I believe are some of the brightest minds in the legal and business world, for their expertise and advice. With their leadership, and our current financial restructuring, we will redirect our company in a positive direction.
"This being said, due to some events (on Thursday, May 20) that were out of our control, it became necessary that the ownership of CCWP, LLC (Country Club of Whispering Pines) and FFG I, LLC (Foxfire Resort & Golf Club) had to file under Chapter 11 bankruptcy (reorganization)."
In an article published on May 9 in The Pilot, Davis said CCWP had not been sold and announced the relocation of Avestra's corporate offices from CCWP to Southern Pines Golf Club.
Contact Tom Embrey by e-mail at email@example.com.
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