St. Johnsbury Country Club is expected to swing into bankruptcy and closure for 2017 if its shareholders in March reject a standing $ 850,000 purchase offer. “If a majority of the shareholders does not approve the sale of the course, the board has no choice but to either enter into a voluntary foreclosure with the bank holding the main mortgage on the club, or to file for Chapter 7 bankruptcy, i.e., liquidation of assets,” states a recent letter to shareholders from the St. Johnsbury Country Club Board of Directors.
