B.B. King's Vegas club bankrupt | Music | Entertainment | Toronto Sun: "The owner of the B.B. King's Blues Club in the Mirage hotel and casino on the Las Vegas Strip has filed for bankruptcy protection, court records show.
The filing comes as Las Vegas tries to recover after being hit hard in the recent economic downturn, hurt by declines in tourism and a glut of hotel rooms and casinos. Nevada also has one of the nation's highest residential foreclosure rates.
Beale Street Blues Company Las Vegas LLC, the owner of the B.B. King restaurant and live music club, filed its Chapter 11 petition on Wednesday, showing $2.53 million of assets and $3.76 million of debts.
The club is part of a group of companies based in Memphis, Tennessee, where the bankruptcy petition was filed. Other B.B. King locations in Memphis; Nashville; Orlando, Florida; and West Palm Beach, Florida are not involved in the filing.
A lawyer for the debtor did not immediately return a call on Friday seeking a comment."
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B.B. King's Vegas club bankrupt | Music | Entertainment | Toronto Sun
2 comments:
Why would a state even need to declare bankruptcy? Can’t they just default on some obligations?
Bankruptcy is protection from creditors, but it seems states have sufficient power to not need that sort of protection.
Ontario Bankruptcy
I feel like I’m constantly looking for interesting things to read about a variety of subjects, but I manage to include your blog among my reads every day because you have honest entries that I look forward to. Here’s hoping there’s a lot more great material coming!
Las Vegas Bankruptcy
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