Hard Rock Park files for Chapter 7 bankruptcy
Posted January 2, 2009, 3:59P |
Contributed by SupermanFan1
After failing to find a buyer, Hard Rock Park asked a Delaware bankruptcy court today for permission to liquidate, signaling once and for all that it will not be able to reopen.
The park asked the court to convert its bankruptcy from a Chapter 11 to Chapter 7. Under a Chapter 11 bankruptcy, a business can continue operating while it tries to reorganize its debts, but under a Chapter 7, a trustee is appointed and the property and assets are sold off to pay creditors, according to the U.S. Department of Justice.
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