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Deadline could determine fair's future
Updated: Wednesday, 08 Feb 2012, 8:01 AM EST
Published : Wednesday, 08 Feb 2012, 8:01 AM EST
RICHMOND, Va. (AP) - A group of lenders could take over the State Fair of Virginia's operations if the corporation that runs the event doesn't meet a deadline to either find new financing or submit a proposal to keep The Meadow Event Park.
The State Fair of Virginia Inc. filed for Chapter 11 bankruptcy in December.
An attorney for the not-for-profit corporation, Jonathan L. Hauser, tells the Richmond Times-Dispatch that he expects it to meet the March 7 deadline to submit a proposal to the lender group.
The lender group is owed about $75.6 million. Under a proposed agreement, the lender group would take over two financial accounts containing a total $20 million. The money would be used to help pay off the debt.
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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com
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