Jan
05

Hard Rock Park Files for Chapter 7

By
– The Sun News

After failing to find a buyer, Hard Rock Park asked a Delaware bankruptcy court Friday 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 to pay creditors, according to the U.S. Department of Justice.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.myrtlebeachonline.com/business/story/728801.html
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