RENO, NEV. (KRNV & MyNews4.com)--The corporation that owns LakeRidge Golf Course has filed for Chapter 11 bankruptcy.
On Tuesday, the parking lot at LakeRidge was packed and more than 200 golfers were soaking up the sun. It was business as usual on green, but not behind the scenes.
Hash Lane Holdings LLC, the corporation that owns LakeRidge, filed chapter eleven bankruptcy on June 6, 2013.
According to the paperwork, the company owes about $6 million in mortgage loans to Heritage Bank, over a $100,000 to Washoe County, and a sewer bill of about $20,000 to the City of Reno.
"I'm not sure how often we are in the top but especially with the economy the last few years we have really seen a lot of additional people not being able to make their payments," says Robert Chisel, the Director of Finance for the City of Reno.
Right now there are no plans for LakeRidge to close, but the real question is, will the golf course be purchased by another corporation or re-build financially?
We tried to reach out to the corporations attorney, Alan Smith, but his office told News 4 he would be out of town the next week and a half.
It shows in the paperwork that LakeRidge has a total asset of about $5.2 million, but has a total liability of about $6.3 million, which means when everything is said and done, and paid off, they will still be in the hole over a million dollars.
"We are a secured creditor, so we will most likely get all the money we are owed. LakeRidge has been a great partner to this city and community so we look forward to them continuing business and hopefully coming out of this stronger than before," says Chisel.