Bishopscourt Investments skating on thin ice it seems. Surely FF would not allow the K Club to slip..
DR MICHAEL Smurfit and developer Gerry Gannon are facing huge financial difficulties at the K Club. They are seeking to defer repaying bank loans, amid crippling losses that are expected to continue at least until next summer.
Along with a lot of other luxury golf and hotel complexes, the K Club -- which hosted the Ryder Cup in 2006 -- is struggling amid a major reduction in consumer spending.
The complex, which includes a hotel, country club and two courses, has racked up a loss of €8.1m, with revenues plunging to €13.9m -- down from €20.3m.K Club seeks to defer bank loans due to crippling losses - Irish, Business - Independent.ieThe company behind the club, Bishopscourt Investments, is hoping to defer repaying a bank loan of €55m.
The company's accounts said: "Based on projections, the group expects to incur further operating losses in the period to June 30, 2011."
The accounts cover the year ended 2008, but the directors provide an update, saying the economy could prevent the company from getting further bank loans or other funding.
Dr Smurfit holds 51pc of the shares, with the remainder owned by Mr Gannon. Dr Smurfit could not be reached at his offices in Monaco yesterday.