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Judge Allows Hard Rock Park Owners to Liquidate
posted 01/06/09
2:35 pm
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(AP) -- A federal bankruptcy judge says the owners of Hard Rock Park can liquidate their assets in the Myrtle Beach venture so creditors can be paid.
Court records show a Delaware judge approved the request Tuesday by Hard Rock Myrtle Beach Holdings LLC to convert its bankruptcy status to Chapter 7.
The $400 million, 55-acre park opened in April and was the biggest single investment ever in South Carolina tourism.
The company filed for Chapter 11 protection in September and had planned to reopen this year. The park went up for auction last month, but no bidder who could pay at least $35 million emerged, and the Chapter 7 request was made.
Economic experts say the park's owners had terrible timing for their opening because of rising gas prices.
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