The International Golf Club proposes $10M sale in bankruptcy case
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The International Golf Club & Resort in Bolton
The International Golf Club & Resort in Bolton has found a potential buyer of its assets as the club looks to emerge from bankruptcy.
The International is proposing a bankruptcy judge and creditors approve a $10-million sale to Escalante, a Texas-based private equity firm with 17 golf courses across the county. The International, which includes two golf courses and a 54-room hotel, would be Escalante's first property in the Northeast.
The private club was bought more than 20 years ago by principal owner Daniel Weadock Sr. and partner Brian Lynch, the club's general manager, according to The International. Today, it's owned by Lynch, and Weadock's survivors: wife Florence Weadock, and children Daniel Weadock, Ann Specht and Kevin Weadock.
The club filed for bankruptcy in May.
The proposed sale, which was filed in bankruptcy court on Nov. 10, was first reported by the Telegram & Gazette. A hearing on the proposal is set for Dec. 10.
The International attributed its financial challenges to a glut of golf courses at a time when the sport has waned in popularity. The club said it has responded by reducing costs for membership but has still faced declining membership numbers. The coronavirus pandemic forced it to end operations, it said.
The International worked with the global real estate firm CBRE to find potential buyers, and ultimately landed six offers. All but Escalante's were between $5 million and $7 million, though Escalante's offer is conditional on the sale of assets through a Chapter 11 bankruptcy process without a competitive bidding process, according to court documents. If the process were to take place competitively, Escalante said its proposed price would be significantly lower.
The International's creditors include Bank of America, which provided a $9-million loan, and smaller amounts owed to golf equipment companies. It also owes nearly $54,000 in taxes, including to Bolton, as well as Clinton and Lancaster, where it also has property just over the town line.
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