The Great Southern Golf Club, Inc. filed for chapter 11 reorganization Wednesday, WLOX reported. This measure was taken to provide an opportunity for Mississippi’s oldest golf course to restructure its debt that has accumulated since Hurricane Katrina destroyed the course in 2005. The Great Southern Board has been working on a plan to sell parts of their property that are not used for the golf course to build condos and single-family homes taking the profit from those sales to retire all the long-term debt first, then provide funds to improve the course, and to pay dividends to stockholders, if possible. The long-term debt is just over $4 million, and an estimated $1 million would be needed to improve the course. Part of the Home Owner’s Association dues would be used to maintain the common ground and golf course.
