Attorneys for Hard Rock Park have petitioned a federal court in Delaware for permission to switch its bankruptcy from Chapter 11 to Chapter 7 after failing to find a buyer for the rock-and-roll theme park located off Highway 501 in Myrtle Beach.
The park filed for Chapter 11 bankruptcy protection in September, which allowed its owners to continue operating while reorganizing debt.
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According to a clerk at the bankruptcy court, under Chapter 7, a trustee is appointed and the property and assets are sold off to pay creditors.
In filing the motion, attorneys for the park told the court, “Because the bid and sale process has been unsuccessful thus far, there exists no reasonable prospect of success in the immediate future. ... Regrettably, conversion of their chapter 11 bankruptcy cases to cases under chapter 7 of the bankruptcy code thus appears to be the only remaining means of allowing the debtors’ assets to be liquidated and potential causes of action to be pursued and monetized for the benefit of creditors.“
On December 22, lawyers handling the bankruptcy petitioned the court for an extra three months to deal with its legal issues. The lawyers said at the time that they had been concentrating so hard on finding a buyer for the Myrtle Beach amusement park that they haven’t been able to review other legal actions against the facility.
The $400 million, 55-acre amusement park opened in April, with roller coasters based on Led Zeppelin’s “Whole Lotta Love” and the Eagles’ “Life in the Fast Lane.“
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