Hard Rock Park Shuts Down
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There is another familiar name that has filed for bankruptcy. Hard Rock Park announced that it is closing down as well after failing a proper buyer to carry on its business. But rather than file for Chapter 11, Hard Rock Park has requested their situation to be classified as Chapter 7 where a trustee is appointed and the property and assets are sold to pay creditors.
“Because the bid and sale process has been unsuccessful thus far, there exists no reasonable prospect of success in the immediate future,” the filing stated. “Regrettably, conversion of [the park’s] Chapter 11 bankruptcy cases to cases under Chapter 7 of the bankruptcy code thus appears to be the only remaining means of allowing the debtors’ assets to be liquidated and potential causes of action to be pursued and monetized for the benefit of creditors.”
The businesses that were really in trouble are surfacing one by one. It looks like this trend will continue and more companies are bound to file for Chapter 11 soon although Chapter 7 seems to be a more sane declaration to really clean out their debts.
(Source) The Sun News
