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Cash strapped Freestyle Park given debt extension
The cash strapped owners of Freestyle Music Park in Myrtle Beach, South Carolina, US, have been granted more time to pay off their debts.
The 55-acre theme park, which opened in April 2008 as Hard Rock Park, was acquired (and renamed) by FPI MB Entertainment (FPI) for US$25m after its former owners filed for Chapter 7 bankruptcy.
However, as previously reported in Leisure Opportunities, those former owners - Myrtle Beach Operations, who designed and built the park – asked FPI to pay US$570,000 in outstanding debt back in January.
FPI was due to pay of the debts this month, but has been granted an extension until 1 April by a Delaware bankruptcy court.
The park will remain closed while the company attempts to raise the funds, but is scheduled to reopen in spring.
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