"EAST WILLIAMSBURG - CREDITORS FOR AVANT GARDNER, parent of the Brooklyn Mirage, moved to withdraw support for Axar Capital Management's $110 million "credit bid" takeover, threatening to upend the venue operator's Chapter 11 restructuring, Bloomberg Law reported. The creditors' committee said "concerning issues" emerged after the parties' earlier settlement, arguing Axar is no longer acting in the best interests of the estate or general unsecured creditors. A key dispute centers on the Mirage's physical condition and how demolition and reconstruction of its large outdoor stage would be funded and executed ahead of the 2026 season."
"The original deal, valued at more than $20 million, included Axar commitments to cover administrative expenses, tax claims and wind-down costs."
"The committee's reversal could trigger a Delaware bankruptcy-court hearing and open the possibility of blocking Axar's bid, appointing a trustee or forcing a new sale process."
Avant Gardner, parent of the Brooklyn Mirage, faces a challenged Chapter 11 restructuring after creditors moved to withdraw support for Axar Capital Management's $110 million credit bid. The creditors' committee identified concerning issues post-settlement and contends Axar no longer serves the estate's or general unsecured creditors' best interests. A central dispute focuses on the Mirage's physical condition and funding and execution of demolition and reconstruction of its large outdoor stage ahead of the 2026 season. The original agreement required Axar to cover administrative expenses, tax claims, and wind-down costs. The committee's reversal could prompt a Delaware bankruptcy-court hearing and alternative remedies.
Read at Brooklyn Eagle
Unable to calculate read time
Collection
[
|
...
]