New Braunfels’ Whitewater Amphitheater filed for Chapter 11 chapter reorganization Tuesday in a transfer that halts the music venue’s scheduled foreclosures sale, the Specific-Information stories.
Kona Coast Enterprise Ltd., the out of doors live performance web site’s operator, filed the petition in U.S. Chapter Court docket in San Antonio almost a half hour after the sale was scheduled to get underway, in accordance with the day by day. Underneath Chapter 11 filings, an organization works with a decide to reorganize its operations and repay its money owed.
Austin lawyer Lynn Butler, which represents Kona Coast, advised the Specific-Information that Tuesday’s submitting resulted in a right away halt of the foreclosures sale.
“There may be a suggestion to buy your complete complicated that may pay all collectors,” Butler mentioned. “We ran out of time to shut the sale previous to the foreclosures date.”
In a press release to the Specific-Information, Whitewater founder William Korioth mentioned the court docket submitting will permit the venue to stabilize its operations and guarantee longterm viability. He added that each one live shows scheduled for this summer time will proceed as deliberate.
“Our focus stays on our staff, our company, our artists, our companions, and preserving all the pieces that has made Whitewater particular,” Korioth mentioned.
Whitewater has property valued between $10 million and $50 million and owes $1 million to $10 million, in accordance with its Chapter 11 submitting.
Butler advised the Specific-Information the enterprise has struggled with “liquidity points” on account of ongoing litigation however added that the reorganization ought to put the authorized points behind it.
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