A sport complex in another state recently determined that it needed to take drastic action to address its financial situation. For this reason, the complex has decided to file for Chapter 11 bankruptcy. This type of bankruptcy protection is available for businesses in Massachusetts and elsewhere that are finding it difficult to stay afloat financially.
In the case of the sport complex, the first phase of the complex was completed back in 2014. Since then, it has grown to feature facilities housing 40 sports. These sports include wakeboarding, beach volleyball, basketball, football, lacrosse, soccer and baseball. In addition, multiple hotels and restaurants have opened their doors nearby.
According to the complex’s former chief executive officer, who is now a consultant for the complex, the business decided to restructure its debt after it got some new investors. In other words, the complex is trying to reorganize with its new money. In its bankruptcy filing, the company listed assets totaling less than half a million dollars, whereas its liabilities exceeded $50 million. The goal of complex leaders is to make the business financially stable long term.
Sometimes, filing for Chapter 11 bankruptcy protection is the best move a company can make to improve its financial situation. However, the filing process can be confusing and overwhelming due to the many requirements and steps involved. An attorney in Massachusetts can guide business owners through the filing process to make sure that they complete the process correctly. The attorney’s ultimate goal is to ensure that the business owners’ best interests are protected in the long run.