This is the most recent update for Spanish Oaks in Austin.
MESSAGE FROM SOGC BOARD OF DIRECTORS March 2, 2010
On behalf of the SOGC, Inc Board of Directors, thank you for this opportunity to provide current information on the affairs of Spanish Oaks Golf Club.
We last wrote on February 5, 2010 to inform you negotiations were underway to restructure Spanish Oaks’ loan with Comerica Bank and obtain a release of collateral secured by Club assets. Since that time, Spanish Oaks, LP (the ownership group) held conversations with the Board of Governors and continued negotiations with Comerica.
Regretfully, ongoing discussions with the Bank have yet to be resolved.
The limited funds available to operate the Club require a suspension of all services with the exception of golf operations. The course and practice facility will remain open. In addition, a limited lunch menu will be served from 11:00am – 2:00pm. We apologize for any inconvenience this may cause you and your family and commit to notify you promptly of any further changes.
Thank you for your patience and understanding during this difficult time.
Very Truly Yours,
The Board of Directors
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