Business Journal: CC Myers Files For Bankruptcy Protection

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(Sacramento, CA)
Monday, August 25, 2008
Clinton C. Myers, who runs C.C. Myers Inc., filed for Chapter 7 bankruptcy in the U.S. Bankruptcy Court. He listed between $50 million and $100 million in debts. Myers developed the Winchester Country Club residential and golf course development. Wachovia Bank and other lenders foreclosed on the course in late May, citing default on $61 million in debt. The loans in question were secured by Myers’ personal property as well as the assets of the country club. Myers said in a prepared statement that he considered bankruptcy his final option because of the losses on Winchester Country Club. He said the foreclosure came as a result of the swift downturn in the housing market. C.C. Myers Inc. is owned by its employees and is not involved in Mr. Myers’ personal filing.