Assets to be sold off
Hard Rock Park, the 55-acre, $400 million in Myrtle Beach, South Carolina, opened last April with much excitement, hoping to attract visitors who love roller coasters and rock music – but soon it could be pulled apart.
Back in September, the park filed for Chapter 11 bankruptcy protection, as park officials hoped to restructure their debt and reopen this year. But after four years in development and two years in construction, the attraction has closed as the park’s debtors asked a bankruptcy court in Delaware for permission to convert to Chapter 7.
A bankruptcy judge approved the request to begin liquidating what was billed as the world’s first rock ‘n’ roll theme park and the single-largest tourism investment in South Carolina history. The assets will be sold off, possibly piece by piece, to pay off creditors.