Flag HOA files for Chapter 11 bankruptcy

By Adrian Skabelund | AZ Daily Sun

In an email, the board president of the Continental Country Club HOA said the organization is facing several financial challenges, including the issue over Lake Elaine.

Jon Held, the president of the association’s board of directors, said the filing will not impact day-to-day operations of the country club, including the public golf course and the Oakmont Restaurant, and won’t mean any layoffs.

“This filing allows Continental and its homeowners the chance for a fresh start so we can best address several issues,” Held said. “In some cases, these problems predate the current board by years, if not decades. For the good of our residents and those who enjoy our facilities, it was time to take action.”

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