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Burdened with $100 million in debt and its future in peril, VisionLand filed for Chapter 9 bankruptcy in federal court Tuesday. The move allows the theme park to do business this summer and to avoid paying unsecured creditors and bondholders. Chapter 9, which provides relief for publicly funded entities, protects the park's assets, suspends lawsuits VisionLand faces and lets it operate with little court oversight.
Read more from the Birmingham News.