STOCKTON, Calif. — After less than a year of negotiations with the Bank of Stockton, the 109-year-old Stockton Golf & Country Club is slated to exit Chapter 11 bankruptcy in August.
In a bankruptcy court hearing on June 21, the Golf and Country Club presented a plan to reorganize its debt over the next 19 years. According to the Golf and Country Club, the plan will cut its debt by roughly half, saving the popular golf course and event venue more than $9 million.
In a statement, country club officials said their goal was for bankruptcy proceedings to have little to no impact on day-to-day operations or special events.
"While going through Chapter 11, our main goal was to continue to provide the levels of service and quality of amenities needed to provide a private club experience for our members, and that was accomplished," the statement said. "Our golf course got in better shape, our food and beverage service and quality did not suffer, and we carried on with cleaning, fixing, and addressing our facilities. We also increased our non-member banquet food and beverage revenues with even more events booked through 2024."
The reorganization plan, which will go into effect on Aug. 15, will include $1 million in capital reinvestment through membership funding over the next five years.
The Golf and Country Club is also looking to add "dining memberships." The memberships would cost under $100 per month and allow people to enjoy food and beverage events at the club throughout the year with lower pricing than retail restaurants.
"This deal, with the Bank of Stockton, will give the club the ability to continue to elevate all aspects of our club which we are confident will entice the next generation to join Stockton Golf and Country Club," the statement said. "Over the past two years, $1 million has been reinvested into the club and have a new management team that has elevated our amenities and service levels."
The Stockton Golf & Country Club, located along the San Joaquin River, was founded in 1914 and is the city's oldest Country Club.
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