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The Attorney for the Trustee reluctantly gave the park a 30 day extention saying the following, "I received a phone call from the respondent’s counsel and they’ve indicated they have a funding problem, and they requested some additional time, and I reluctantly allowed to give them an additional thirty days."
Freestyle says that a a deal with a new investor would be completed mid/late January.
The next hearing will be held on February 16th.
John Stine, Director of Sales & Marketing released the following statement saying...
“We inherited numerous issues with the purchase of Hard Rock Park out of bankruptcy last year. We have paid millions of dollars to our various vendors and are currently behind in payments to these two specific vendors and the Trustee regarding some agreed upon cure payments relating back to the bankruptcy proceeding."
"The Trustee filed this action in an attempt to bring current the cure payment. We had been communicating with the lessors and the Trustee in regards to payment prior to this filing. The formal hearing today resulted in a 30 day extension for payment. We’re working very hard with several potential investors to close a transaction in the coming weeks and as always, remain committed to paying these debts.”
The park's public relations office, Michelle Cantey tells us, "We're always looking at opportunities that are best for this park and have never been in exclusive negotiations with any one set of investors. We are in various stages of due diligence with several potential investors."
The next hearing will be held on February 16th.
More to come...
This post has been edited by DiscoverMB: 17 January 2010 - 06:44 PM
Reason for edit: Added Content
