Bangalow’s much-loved bowling club will soon be back in business following the raising of more than $200,000 in debentures and the agreement of creditors to payment schedules.
It was smiles all round as a creditors’ meeting yesterday heard that the club was two-thirds of the way through raising the much-needed $300,000 and that the ANZ bank had agreed to refinancing the club’s debts in the meantime.
The club went into voluntary administration in mid January after announcing a $100,000 annual loss in December. Since then, a committee was formed to work with administrators to find a way out of the pickle.
In early February it was announced at a public meeting that the club would issue debentures to members of the community to fund its recovery.
No date has yet been set for the club to reopen its doors but it is believed to be at least six weeks away.