Aug 25, 2008 11:24 am US/Pacific
Contractor C.C Myers Files For Personal Bankruptcy
SACRAMENTO (CBS13) ―
Well-known Northern California building contractor C.C Myers has filed for personal bankruptcy.
Late last Friday afternoon, Myers reportedly filed for chapter seven paperwork in U.S Bankruptcy Court.
"This is not a choice I wanted to make. It's very difficult and heartbreaking for me and my family to go into bankruptcy, but I consider it my last and final option because of the losses I'm facing related to Winchester Country Club," said C.C. Myers. "The market conditions are the worst we've ever seen and we were unable to convince our lenders to work with us to restructure the financing, so I was left with no other options. I'm devastated that it has come to this," he added.
According to C.C. Myers spokesperson, Beth Ruyak, the paperwork was completed early this morning. The filing is said to have nothing to do with his company, but rather it has to do with personal finances.
Myers reportedly sunk most of his personal wealth into the Winchester Country Club in Meadow Vista, near the town of Auburn which fell into foreclosure several months ago.
Records show that Wachovia Bank now owns the upscale country club and more than 100 unsold lots in the development.
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