PAWLEYS ISLAND | A bankruptcy judge approved a plan of reorganization on Tuesday for the Reserve Club that includes a sale to McConnell Golf that will keep the course private and lift it from Chapter 11 bankruptcy. The ruling also thwarts an effort from resigned and inactive members to retain reimbursement rights for their membership initiation fees, since reimbursements are being eliminated under terms of the sale.
The sale to McConnell Golf, which manages five other private courses in the Carolinas, could culminate in the coming days or weeks. "This is fantastic," Reserve Club president and member Ben Catanzaro said. "This has been going on for a year. We’re ecstatic."
