Business Journal: CC Myers Files For Bankruptcy Protection
The man behind the CC Myers Incorporated construction company has filed for personal bankruptcy.
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.