Hard Rock Park to be sold for $25 mlnTue Feb 17, 2009 8:11pm EST
NEW YORK, Feb 17 (Reuters) - An investor group said it has won a federal bankruptcy judge's approval to buy Hard Rock Park, a rock-and-roll themed amusement park in Myrtle Beach, South Carolina, for $25 million.
FPI MB Entertainment LLC on Tuesday said it expects to reopen the park during the Memorial Day weekend, a little more than three months from now. The transaction is expected to close by Thursday, it said.
Among the members of the investment group are theme park manager Baker Leisure Group, Roundbox Advisors, and some Myrtle Beach-area investors. The park is not affiliated with Hard Rock Cafe International Inc, but is licensed to use the Hard Rock name.
The case is In re HRP Myrtle Beach Holdings LLC, U.S. Bankruptcy Court, District of Delaware, No. 08-12193. (Reporting by Jonathan Stempel)
Quelle:
reuters* * * * * * * * * * * * * * * *
Judge approves sale of SC's Hard Rock Park8 hours ago
MYRTLE BEACH, S.C. (AP) — A federal bankruptcy judge on Tuesday approved the sale of Hard Rock Park for $25 million to investors who want to reopen it by the end of May.
Judge Kevin Carey approved the sale during a hearing in Delaware, said FPI MB Entertainment LLC, a conglomerate of investors including a Russian development company, two founders of the original Hard Rock Park, and an outfit that manages other theme parks.
"We look forward to the finalization of the sale, beginning our march to reopening the park Memorial Day weekend and making sure the park is a long-term success," said Alex Sidnev, managing partner in Moscow-based MT Development, whose Freestyle Park International division is one of the investors.
The sale, which is to close by 5 p.m. Thursday, is expected to end months of wrangling over the amusement park's future.
The $400 million, 55-acre rock 'n' roll theme park opened last April and was the biggest single investment ever in South Carolina tourism. But experts said it couldn't have picked a worse time to open because of a drop in tourism spawned by rising gas prices, ripples from the recession and the credit crisis.
It closed in September when the company filed for Chapter 11 bankruptcy protection and went up for auction, but no bidder who could pay at least $35 million emerged.
The company converted to Chapter 7 last month so assets could be liquidated to pay creditors.
Court documents say the company's preparations for reopening will include adding rides and designing new attractions and shows.
The company said it is comprised of Freestyle Park International; Roundbox Advisors; Baker Leisure Group, a Florida-based company that has done work for The Walt Disney Co. and Six Flags; and local investors, including Thomas Hiles and D. Tim Duncan, who helped found the park.
In making his decision, the judge overruled the objection of a second potential buyer, Coastal Entertainment, which had bid $25.5 million, saying the company came to the court too late.
Quelle:
Associated Press