Hard Rock Park SOLD!!!

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kidcoaster
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Hard Rock Park SOLD!!!

Post by kidcoaster » Thu Dec 18, 2008 8:45 pm

Another one bites the dust. It is hard to say but I think the park is done. The only option I see now is Liquidation. I hate that word.

http://www.scnow.com/scp/news/local/gra ... ark/24122/

http://www.myrtlebeachonline.com/679/story/713385.html
Last edited by kidcoaster on Wed Feb 18, 2009 11:08 am, edited 3 times in total.
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Re: No new owners for Hard Rock Park

Post by Beth » Thu Dec 18, 2008 9:12 pm

Well f*#k. I had hope it could somehow reopen, but no more. Those are some credits I'll treasure from one hell of an awesome day.

Wish we'd bought more swag when we had the chance.

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Re: No new owners for Hard Rock Park

Post by NL_IS_AWESOME » Fri Dec 19, 2008 10:48 am

'No one will be going to help' means there will be a plenty of pieces of sadness. There would be supposed to be a great place if someone was truly out to help them in any better way. I wonder as Led Zeppelin may be even like 'was running' ride, I am so worried.
Well ****
Just wondered, but I noticed that this site has almost no censoring for swear words. Censoring on the other sites, is like F-word will be 'fudge'. S-word will be 'poo'.

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by kidcoaster » Fri Jan 02, 2009 3:36 pm

Its offically over.
After failing to find a buyer, Hard Rock Park asked a Delaware bankruptcy court today for permission to liquidate, signaling once and for all that it will not be able to reopen.

The park asked the court to convert its bankruptcy from a Chapter 11 to Chapter 7. Under a Chapter 11 bankruptcy, a business can continue operating while it tries to reorganize its debts, but under a Chapter 7, a trustee is appointed and the property and assets are sold off to pay creditors, according to the U.S. Department of Justice.

The filing said:

Despite considerable effort ... the debtors were unable to consummate a sale of all, or substantially all, of their assets on terms and conditions acceptable to the debtors, the [creditors] committee, and the lenders within sufficient time to permit an orderly conclusion of these cases under chapter 11, given the considerable constraints on, and ultimate availability of, postpetition financing. ... Because the bid and sale process has been unsuccessful thus far, there exists no reasonable prospect of success in the immediate future. ... Regrettably, conversion of their chapter 11 bankruptcy cases to cases under chapter 7 of the bankruptcy code thus appears to be the only remaining means of allowing the debtors' assets to be liquidated and potential causes of action to be pursued and monetized for the benefit of creditors.

The park, which said it was worth $400 million when it opened in April, was unable to attract any bidders willing to pay at least $35 million for the park at a Dec. 15 auction, according to court documents. The park closed and filed for bankruptcy protection in September.

It is still unclear whether the park will be sold in whole to one company - which may or may not run it as a theme park - or sold off piece by piece.

A spokeswoman for the park's attorneys said they would have no comment.

The park opened April 15, hoping that buzz about the world's first rock 'n' roll theme park would generate enough publicity to bring visitors through its gates. Local tourism officials and national theme park experts have criticized the park for not advertising enough before its opening. Theme park experts have also said the park's initial $50 ticket price - not including $10 for parking - scared off potential visitors.

In its filing, the park blamed a slow year for tourism and high gas prices for its woes. Throughout the summer, the park tried out various discounting programs, including special prices for people in the Carolinas and in the hospitality industry.

Financial documents filed in court show the park made $21.5 million from April 15 through September, and it owes nearly $300 million. It had hoped to bring up to 30,000 people a day during the summer and 3 million people a year through its gates.

The average person or company owed money by the park has close to zero chance of getting it back, experts say.

"In most of these cases, the unsecured creditors get nothing," said Leon Bayer, a bankruptcy specialist with the California firm Bayer, Wishman and Leotta.

Hard Rock International, the café and casino company, had licensed its brand name to the park for at least $2.5 million annually, but it is now asking a judge to allow the park to turn over various memorabilia and release them from the license agreement.

In a recent filing, Hard Rock said the park had damaged its reputation and did not live up to its agreement to thoroughly advertise and market the product.

"The park is not known as a destination of choice in Myrtle Beach, but is widely associated, as reported in the state and local news, with financial problems that have negatively impacted operations," the company said in the documents dated Dec. 23. "Hard Rock [trademarks] have been, and continue to be, harmed by the [park's] conduct."

One company, PARC Management based in Orlando, Fla., has said it is interested in running the park with a financial partner but would not put up the $35 million minimum bid. PARC, which manages amusement and theme parks across the country, entered the Myrtle Beach market earlier this year when it bought the NASCAR SpeedParks and Myrtle Waves from Burroughs & Chapin Co. Inc.

An attorney for C + P Eighty-Six Ltd., which licensed the Led Zeppelin brand to the park, said in a filing the company worried about a new owner. In the filing, the attorney said there were no qualifying bids for the auction received before the deadline.

"C + P has grave concerns about the ability of any potential purchaser to maintain the high quality associated with the [Led Zeppelin] license," the document states.
http://www.myrtlebeachonline.com/news/b ... 28801.html


This is a sad story to report. Hard Rock Park has filed for Chapter 7 bankruptcy. Attorneys for the park asked the Delaware bankruptcy court to alter its bankruptcy fomr Chapter 11 to Chapter 7, which would appoint a trustee to the property and liquidate all its assests.

"Despite considerable effort ... the debtors were unable to consummate a sale of all, or substantially all, of their assets on terms and conditions acceptable to the debtors, the [creditors] committee, and the lenders within sufficient time to permit an orderly conclusion of these cases under chapter 11, given the considerable constraints on, and ultimate availability of, postpetition financing," the filing states. "Because the bid and sale process has been unsuccessful thus far, there exists no reasonable prospect of success in the immediate future. ... Regrettably, conversion of their chapter 11 bankruptcy cases to cases under chapter 7 of the bankruptcy code thus appears to be the only remaining means of allowing the debtors' assets to be liquidated and potential causes of action to be pursued and monetized for the benefit of creditors

In financial documents, the park shows a it made just $21.5 million dollars between April 2008 - September 2008 an owes almost $300 million. The odds of most creditors (including Discover Myrtle Beach) to receive any money from the liquidation stands about a 0% chance.

Hard Rock International, who licensed the 'Hard Rock' name to HRP Operations said in a court filed that the park damaged its reputation and did not live up to its agreement to thoroughly advertise and market the park.

"The park is not known as a destination of choice in Myrtle Beach, but is widely associated, as reported in the state and local news, with financial problems that have negatively impacted operations," the company said in the documents dated Dec. 23. "Hard Rock [trademarks] have been, and continue to be, harmed by the [park's] conduct."

Hard Rock International is also asking a judge to turn over memorabilia loaned to the park, such as the Magical Mystery Tour bus.

Now that the park is official finished, we'll be doing a series of articles detailing the park from our perspective.

More to come...
http://discovermyrtlebeachforum.com/ind ... topic=1782

It is sad for it to be over it looked like a nice park that had much potential.

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by bratman » Fri Jan 02, 2009 4:42 pm

I am sad it is gone. I passed up on ACE's event at HRP to go to Lake Winnie and visit a friend after the Con.... and looking back it is just bittersweet that I missed my only chance to go there. That said, visiting my friend and Lake Winnie still rocked :wink:

So... any guesses as to where the attractions will go?

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by kidcoaster » Fri Jan 02, 2009 4:45 pm

My guess is most of the bigger rides will be picked up by the bigger chains like Cedar Fair or Six Flags.

I am sure Family Kingdom will try and get something since it is just down the road. Really can guess specificly. Unless PARC tries to by the park like they have express intrest in doing.
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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by bratman » Fri Jan 02, 2009 7:12 pm

I think they are beyond the point of selling the park. Now they are just interested in liquidating......

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by kidcoaster » Fri Jan 02, 2009 7:15 pm

not really if PARC can put up the $400 million they still have a shot at getting the whole thing.
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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by bratman » Fri Jan 02, 2009 7:18 pm

except that no one would put in the minimum bid of $35 million.........

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by NL_IS_AWESOME » Fri Jan 02, 2009 10:58 pm

Well I truly had believed as Hard Rock Park would be back again so far, but it was sadly told to be gone away, and we so have got to make your best wishes, at least, for the sweet 'Led Zeppelin' and the rest of coaster rides, so they can feel more happier as they give some good fun to the guests at other parks.

Find their homes. :(

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by bradhig » Fri Jan 09, 2009 7:49 pm

There's a show on science channel right now showing how they built the place. sad.

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by Greg » Fri Jan 09, 2009 8:35 pm

From the announcement, I loved the idea of a Hard Rock Park, but nothing I've seen really tempted me to visit. The park really fell short of what I thought it might have been. Granted I didn't make it there in their months of operation, but even if I did, I don't think I'd have been singing high praises.

I'm neither surprised or sad to see this park fold, nor do I feel a loss at not having the credits.

LONG LIVE ROCK!
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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by Paul Drabek » Fri Jan 09, 2009 9:16 pm

The Nights in White Satin ride should have been truly spectacular but from what I hear budget cutbacks caused them to cut it back so much it was lame.

Have Fun

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by NL_IS_AWESOME » Sat Jan 10, 2009 11:10 am

In peace. :(

Led Zeppelin's standing near the lagoon is still having me remind of the day as it was still shining like one of the greatest rock and roll star. Yes it's sadly now the pieces of sadness.

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Re: Hard Rock Park on its way to Rock n Roll Heaven

Post by kidcoaster » Tue Feb 10, 2009 10:57 pm

Hard Rock Park may not be quiet for much longer.

According to bankruptcy court documents filed today, the rock 'n' roll theme park has found a buyer, willing to pay $25 million for the property, as is. The park's purchaser, FPI MB Entertainment, has put down a $2.3 million down payment and is hoping to close the sale quickly, by Feb. 20 if possible.

According to the asset purchase agreement, the price will go down $1 million if the sale isn't completed by Feb. 20 and will continue to drop $50,000 for each day after Feb. 20 until the sale is closed.
http://www.myrtlebeachonline.com/news/b ... 79327.html
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