Overview
- Public filings list assets of no more than $50,000 against estimated liabilities of $10 million to $50 million and 200–999 creditors.
- The petition was filed in the U.S. Bankruptcy Court for the District of Delaware and signed by Michael Johnson, COO Steve Gera, and attorney J. Rudy Freeman; the case is assigned to Chief Judge Karen B. Owens.
- GST says Chapter 11 will stabilize operations, reduce costs and address outstanding liabilities, and it is finalizing debtor-in-possession financing.
- Athletes received roughly half of owed prize and appearance money in October, and several vendors rejected an offer to accept 50% of total invoices.
- A troubled debut season saw poor attendance in Kingston, a shortened Philadelphia meet, the Los Angeles finale canceled, and staff cuts to fewer than 10 employees, with additional layoffs reported.