Authorities say the corporation that operates the Center Stage Alabama entertainment complex has filed for chapter 11 bankruptcy to help organize its $68 million debt.
The bankruptcy filing was made Monday by Edward Rappaport, Resorts Development Group II LLC.Court records indicate the firm has retained Birmingham attorney Fred Garfield and will attempt to reorganize.
David Loughlin, a consultant to the board of directors for Center Stage Alabama, says the entertainment venue "will emerge from this process in a much stronger position to complete every phase of the development as it was planned originally."
The statement also said all of Center Stage Alabama's other entertainment venues remain open for business.
Center Stage Alabama was formerly known as Country Crossing.
It's a good move to file for bankruptcy as early as they did. Their business can still be operational, while they are paying their debt until the said due time. This can grant them protection against creditors, and at the same time, they can manage their business unless they are subject to the jurisdiction of the court.
ReplyDeleteAllan Morais