The Greenbrier files for bankruptcy

A United States upmarket golf resort that hosted the 1994 Solheim Cup match is in financial meltdown.
The Greenbrier resort, a former playground of presidents and royalty, has filed for bankruptcy protection – but could keep its doors open pending a possible acquisition by hotel giant Marriott.
Charleston, West Virginia resort had been losing money for five years and was left holding debts of more than $91 million to its owner, CSX, the Jacksonville, Florida.-based railroad company.
Bethesda, Maryland-based Marriott is willing to buy the 6,500-acre resort for up to $130 million – pending court approval and a new labour deal with Greenbrier workers.
If The Greenbrier is to survive, Marriott needs a better working arrangement with nine labour unions representing more than 900 employees. CSX has agreed to provide $19million in financing to The Greenbrier while it’s in bankruptcy, but the funds come with a price: relief from what the resort insists are high labour costs equalling more than 70% of annual revenue. Greenbrier attorney Dion Hayes said during a bankruptcy hearing the industry average is 40 percent or less.