The 108-year-old Stockton, Calif., Golf & Country Club has filed for chapter 11 bankruptcy, a day after a notice was posted threatening foreclosure of the popular golf course and event venue, club managers told ABC10.com. The chapter 11 reorganization filing comes as the business deals with a debt estimated by the Bank of Stockton at around $8,182,023. "Foreclosure was never an option and was never something that the board was ever going to let happen," Stockton Golf & Country Club manager Rick Schultz said less than 24 hours after the business filed for reorganization. "The club received a notice of foreclosure over a month ago, and the date for the trustee sale was posted as Oct. 17, but the club never intended to allow that to happen, as we were working with our legal team." Much of the debt, according to Schultz, was incurred after the club decided to build a bigger clubhouse in 2006. After the new clubhouse was built, the 2008 recession hit, which meant a decrease in membership. Schultz says club owners already voted to approve the sale of the club. He hopes that the bankruptcy filing and sale will improve the venue, boost membership and keep the landmark business alive. The Stockton Golf & Country Club was founded in 1914. In addition to operating as a golf course and hosting member-only events, the venue is also frequently used by businesses, nonprofits and individuals to host fundraisers, receptions, weddings, golf tournaments and other public events.
