View Full Version : Files for Chapter 11 Protection
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
Oh dear, that is a shame. My daughter really enjoyed her trip there in August. How did you find out this information?
Karen
feathersonline
13-09-2006, 03:48
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...
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.
steph_goodrum
13-09-2006, 05:22
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.
floridadreamvilla.co.uk
13-09-2006, 13:16
Steph is totally correct - it's not bankruptcy - just a technical measure to ensure the smooth running of things and nothing to worry about.