Companies In and On the Verge of Bankruptcy

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Springfield Landmarks Preservation Trust and the Gillioz Restoration Partnership has filed for bankruptcy protection in US Bankruptcy court. Many feared that this action could jeopardize the performances in the popular Gillioz Theater. But Trust board chairman David Rolling gave the assurance that the shows would go on throughout the bankruptcy period.

The bankruptcy filing was done just in time to delay a foreclosure sale on New Year’s eve organized by Guaranty Bank. Now that the filing has been done, the Trust and the Partnership have been given until April 29 to submit their reorganization plan, according to their attorney David Schroeder. But the Trust board needs to discuss other matters such as rent at the Gillioz and the Netter’s Building next door and other business matters.

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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.

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