The park had been marketed for sale by New York brokerage Keen-Summit Capital partner. It’s scheduled to open May 26 for Memorial Day weekend. Schlitterbahn will market and operate the park for the new owner.Ī lawyer for Schexnailder didn’t immediately respond to a phone call. Both the bank and Schlitterbahn issued statements saying the park will continue operating as a “licensed” Schlitterbahn Riverpark & Resort. The bank took title to the property under the name Diamond Beach Holdings. But a lawyer for IBC Bank told a bankruptcy judge it was not inclined to take a loss on a sale. The trustee had received multiple offers in the mid-$20 million range for property. The bankruptcy occurred amid a feud among its three principals, New Braunfels-based Schlitterbahn Waterparks and Resorts principals Gary Henry and Jeffrey Henry, and Paul Schexnailder, a major North Padre Island land owner.Ī Chapter 11 trustee was subsequently appointed to find a buyer for the park and 92-room hotel on 28 acres, along with a 74-acre, nine-hole golf course and two undeveloped tracts totaling 102 acres.Įfforts to find a buyer were hurt by Jeffrey Henry’s recent indictment on second-degree murder and other charges in connection with the death of a 10-year-old boy who was killed on a ride in 2016 at Schlitterbahn’s Kansas City, Kansas park, the trustee’s lawyer said in bankruptcy court two weeks ago.īackstory: Schlitterbahn's Corpus park has two weeks to find buyer or face foreclosure The foreclosure sale came a year to the day that Upper Padre Partners, formed to build and manage the park and a surrounding development, entered bankruptcy protection to thwart a foreclosure the following day on 270 acres by an Austin lender. Nixon added, “We’re going to take charge of it and move on.” “But we’re hopeful that this will be a transient process and we’ll own it for a very short period of time.” “Occasionally we have a customer who the wheel comes off,” Nixon said in an interview last week. IBC Bank CEO Dennis Nixon said the bank wants to quickly find a new owner. It’s not clear if there are personal guarantees the bank can pursue against the previous owner’s principals to make up the roughly $12 million difference between what the bank bid and what it’s owed. As the park’s largest secured creditor, the bank made a “credit bid” against the debt on the property instead of putting up cash.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |