Overview
- Avant Gardner LLC sought Chapter 11 protection in Delaware on August 4, listing about $155.3 million in funded secured debt obligations.
- Court documents describe a “significant liquidity crisis” that followed the cancellation of the Brooklyn Mirage’s planned May 1 reopening due to inspection and permit setbacks.
- The Great Hall and Kings Hall indoor venues will continue normal operations under debtor-in-possession financing during the restructuring process.
- CEO Gary Richards, appointed in early June, characterized the Chapter 11 filing as the most viable path to stabilize the company and prepare for a future relaunch of the Mirage.
- The restructuring roadmap includes a stalking-horse purchase agreement with an existing lender and a competitive auction for remaining assets to satisfy creditors.