Files for Chapter 11 Protection

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Files for Chapter 11 Protection

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sully62

United Kingdom
570 Posts
Joined: 05 Feb 2004
Status: offline

Posted - 12 Sep 2006 : 22:37:30

Announced to-day Cypress Gardens have filed for bankruptcy, they are blaming the storms of 2004 and the fact that it put them 8 months behind with their scheduled opening

Tony
http://www.onlinefloridavillas.com/florida-vacation-rental-1433.aspx
http://www.onlinefloridavillas.com/florida-vacation-rental-3087.aspx

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Kazzie

United Kingdom
4414 Posts
Joined: 26 Feb 2005
Status: offline

Posted - 12 Sep 2006 : 23:17:27

Oh dear, that is a shame. My daughter really enjoyed her trip there in August. How did you find out this information?

Karen

Karen
http://www.orlandovillas.com/florida-vacation-rental-2185.aspx

Edited by - Kazzie on 12 Sep 2006 23:20:31

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feathersonline

United Kingdom
823 Posts
Joined: 20 Feb 2004
Status: offline

Posted - 12 Sep 2006 : 23:48:32

The park is still open, and all tickets are being honoured. They have filed for Chapter 11 bankruptcy, which secures the company from action by it's creditors - many of the American airline companies are also in this situation...

http://www.onlinefloridavillas.com/florida-vacation-rental-1487.aspx

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pepsi

United Kingdom
1687 Posts
Joined: 05 Oct 2003
Status: offline

Posted - 13 Sep 2006 : 00:51:59

I hope they do not need to close. Cypress Gardens seem to have tried hard in the last few years to make their attraction a going concern. Never been but from what I have read seems a good place to visit.

Barbara
http://www.villasflorida.com/villas/737.aspx

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steph_goodrum

United Kingdom
7015 Posts
Joined: 12 Feb 2002
Status: offline

Posted - 13 Sep 2006 : 01:22:06

It always seems to confuse when Chapter 11 is mentioned as it is often quoted as filing for bankruptcy, but in fact is exactly the opposite, it protects them (usually initially for 6 months) from their creditors forcing them into bankruptcy. They suffered a lot of losses because just after it was bought by the new owners after the last company did go bankrpupt, they were hit by the 3 hurricanes in 2004 which affected a lot of their new building work and the insrers have not paid out for some reason so they are struggling to keep going.

We went before it closed last time and it was quite a relaxing day out.

Babblin Boo
http://www.orlandovillas.com/villas/92.aspx

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