Old Town in Kissimmee, the attraction known for its classic car shows, affordable rides and entertainment on U.S. 192, has filed for Chapter 11 bankruptcy to reorganize its debt.
Owners of the entertainment and dining complex, which opened more than 25 years ago, said there have been some improvements and the addition of tenants that will ensure all its spaces are filled by June.
However, the bankruptcy filing was needed to restructure debt incurred by its former management. Nearly 600 people work or run businesses at the attraction.
"Old Town has been going through an extensive process of recovery and growth over the last two-and-a-half years that will continue to revitalize and improve both the appearance and experience offered by this unique property," said Gary Conroy of Brothers Entertainment Management Group, the firm brought in to manage Old Town.
The attraction will continue to be open 7 days a week, with its Saturday Nite Cruise running weekly. The attraction has also added a zip line and ropes course in recent years.
Owners and managers said Old Town remains viable. "Although filing for Chapter 11 is something I know we all wish Old Town could avoid, our restructuring strategy is a bold step in the right direction and when completed will make Old Town solvent, prosperous and ready for the future," said Andrew L. Asher, attorney for the attraction.
llelis@tribune.com or 386-479-1529
Source: http://feedproxy.google.com/~r/orlandosentinel/business/~3/je0Kp7URpgk/story01.htm
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