Outlook grim for Hard Rock Park unsecured creditors

Fred Giuliano, a Chapter 7 Bankruptcy Panel Trustee for Delaware, is the trustee appointed to the case as of Tuesday.

Giuliano says preliminary findings show that there won’t be enough equity left over once secured creditors are paid back.  He explains the secured creditors are owed more than $300 million.

He said the secured creditors get paid back their money first, but again he says it appears there will be no money left to pay back unsecured creditors.

Giuliano mentioned most unsecured creditors would be companies or people that come in provide a service for the park.

He says his job is to liquidate, and unsecured creditors can not go in and sell parts of the park to get their money back at this time.

This means, he says, while he’s working the case, the Hard Rock Park will not be dismantled.

He also says a buyer still could emerge and take over the park