The Western Henrico country club, which filed for Chapter 11 bankruptcy protection in January, will still be owned and operated by an entity tied to HHHunt Corp, according to a release Friday.
The Dominion Club filed for Chapter 11 after it was faced with having to repay $1.7 million in initiation deposit refunds due to about 100 members. Another $10 million in such deposits is due down the road.
The exact details of the agreement will be made public in the next several weeks, according to the release. They will outline how the club will be managed and operated and will likely lay out exactly how much, if any, of the refundable deposits will be paid back, by whom and where the cash will come from.
Vernon Inge, a lawyer with LeClairRyan, who is representing the club in the case, released a prepared statement on the matter Friday afternoon.
“The agreement represents a sustainable plan that will allow the club to be successful going forward,” Inge said. “With the parties now working together in a unified manner, the future of the Dominion Club looks very bright.”
Any reorganization plan still has to be approved by the federal bankruptcy court and put to a vote by the creditors.
Despite the bankruptcy, the Dominion Club has added 63 new members since January, bringing total membership 853.