Philadelphia Entertainment and Development Partners LP Wins Chapter 11 Plan Approval


U.S. Bankruptcy Judge Madeline Coleman approved a modified Chapter 11 Bankruptcy Plan for Philadelphia Entertainment and Development Partners, L.P (“Philadelphia Entertainment”) on Monday, July 28, 2014. 

Philadelphia Entertainment was formed solely to develop a Foxwoods casino project. In its Chapter 11 Bankruptcy schedules filed in April, Philadelphia Development listed between $10 million and $50 million in assets and between $50 million and $100 million in liabilities. 

The Foxwoods partnership was awarded one of two licenses for a casino to be built in the city of Philadelphia in 2006. However, the Pennsylvania Gaming Control Board revoked Foxwoods’ license in December 2010 when it failed to secure financing or submit its construction plans by the December 2009 deadline.

The denial of an appeal to the Pennsylvania’s Supreme Court left Philadelphia Entertainment with no way to pay its creditors forcing it to seek Chapter 11 protection. Consequently, the Pennsylvania Gaming Control Board reopened the bidding process for the second license. In response, Pennsylvania Entertainment filed a $50 million lawsuit against the agency in May of this year seeking to recoup the money it paid for the gaming license. 

The case is In re: Philadelphia Entertainment & Development Partners, LP, case number 2:14-bk-12482, in the United States Bankruptcy Court for the Eastern District of Pennsylvania. 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Goodwin | Attorney Advertising

Written by:


Goodwin on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.