NEW YORK (Reuters) – A group of investors said on Wednesday it has offered to pay $25 million for South Carolina’s bankrupt rock-and-roll themed amusement park Hard Rock Park and plans to reopen the venue later this year.
Subject to court approval, FPI MB Entertainment LLC plans to buy and operate the park, according to a statement. The consortium is made up of Roundbox Advisors, a group of local investors from the Myrtle Beach, South Carolina, area and Freestyle Park International, a division of MT Development of Moscow.
The amusement park filed for Chapter 11 bankruptcy protection in September, then converted to a Chapter 7 liquidation in January after being unable to sell itself, according to court documents.
A court hearing to approve the sale is scheduled for Feb. 17.
The park is not affiliated with Hard Rock Cafe International Inc, but holds a license agreement allowing the park to use the name.
The case is In re HRP Myrtle Beach Holdings LLC, US Bankruptcy Court, District of Delaware, No. 08-12193. (Reporting by Chelsea Emery; editing by Jeffrey Benkoe)