At the beginning of 2011, the Normanside Country Club was shut down due to financial reasons.
Now, as the end of the year draws closer, the former operators of the site, Normanside Country Club, Inc. have filed for Chapter 7 bankruptcy. The Nov. 17 filing is essentially the last action for the former ownership group. According to Albany-based attorney Peter Pastore, the group a little more than $2,100 in assets, and just under $275,000 in outstanding debt. That means many creditors will not receive the money they are due from the former ownership group.
“Hopefully the trade creditors resume some kind of relationship with the new entity,” said Pastore. “That’s the good news in all of this, that somebody did purchase the note, they kept the club functioning, and those trade creditors hopefully will continue to service the new club.”
The new operators of the club have no liability or ties to the debt accrued by the former ownership group.
The Town of Bethlehem entered a closely scrutinized bid to purchase the property in Delmar, but officials were notified last winter that the town did not submit the winning bid.
Pastore said it’s likely good that the bankruptcy announcement was delayed until after the golf season to avoid confusion and to allow the new owners to “get going” with operation of the club.
