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Cypress Gardens faces $70m debt
Cypress Gardens Adventure Park, Winter Haven, Florida, has filed for bankruptcy protection. According to park owner Kent Buescher, about $17 million in unpaid claims from $25 million in hurricane damage just prior to the reopening in 2004 forced the Chapter 11 petition. The park remains open.
Although attendance was up 16.5 per cent this summer, the company's debts were too much to continue operations without some relief or insurance claims being paid.
For a variety of reasons, the park's insurance company has declined to pay most of the costs for repair to hurricane damage and is now being sued. While the park is about $70 million in debt, the bankruptcy filing lists more than $50 million in debt.
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