Got this press release today:

THE IRI GOLF GROUP ANNOUNCES RECAPITALIZATION OF EIGHT PROPERTIES

I.R.I. Golf Group Chairman, Jeff Silverstein, announced today the restructure and recapitalization of eight properties. The properties include seven in North and South Carolina and one in Texas. The North and South Carolina properties include: Birkdale Golf Club, Charlotte Golf Links, Divide Golf Club, Highland Creek Golf Club, Skybrook Golf Club, Tradition Golf Club and Waterford Golf Club. The Golf Club at Twin Creeks in Allen, Texas, a suburb of Dallas, was also included in the recapitalization.

The restructure entailed the raising of new equity and a modification of its debt agreement with Textron Financial. Silverstein said, ‘We are very pleased to stabilize this group of clubs and the company is rolling out a number of new programs to improve the customer experience.’

In what was described as the most difficult environment he has experienced in his 30 year career Silverstein said, ‘I.R.I. is now positioned to operate in a more stable environment and is confident that the company will be able to use its current platform for growth in the future.’

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This can only help the courses, right?