Menominee Nation Arena getting out of bankruptcy
Fox Valley Pro Basketball says a US Bankruptcy Court approved its reorganization plan
OSHKOSH, Wis. (WBAY) - Fox Valley Pro Basketball says it’s coming out of Chapter 11 bankruptcy after a U.S. Bankruptcy Court approved its reorganization plan this week.
Fox Valley Pro Basketball owns the Menominee Nation Arena in Oshkosh.
Fox Valley says the plan was approved Wednesday, allowing it to pay trade creditors in full and pay returns to other creditors and investors.
In a statement, Fox Valley Pro Basketball president Greg Pierce said getting out of bankruptcy was a team effort. He credits Bayland Builders, city leaders, the Wisconsin Herd basketball team and Menominee Tribe “coming to the bargaining table and working through difficult issues in a difficult time.”
Bayland Buildings filed a lawsuit against the organization and Pierce a year ago claiming Bayland didn’t receive a regularly scheduled payment since May 2018 and was still owed $13 million on the $21.5 million facility. The lawsuit said Pierce repeatedly asked for additional time to make payments but still missed deadlines and that a representative for Fox Valley Pro Basketball said it had “no cash.”
Fox Valley Pro Basketball filed for Chapter 11 shortly after the lawsuit was filed.
The arena owner’s financial troubles raised a cloud over the future of basketball in Oshkosh with the Milwaukee Bucks’ G-League affiliate Wisconsin Herd and the GWBA championship Wisconsin Glo women’s basketball team.
In the statement Friday, Pierce wrote, “We are very pleased with the Court’s approval of our plan.... This will allow us to focus on the difficult tasks ahead of operating the Menominee Arena in the COVID-19 pandemic without the added distraction of court proceedings.”
The arena’s general manager says several events are planned this fall, including drive-in movies and concerts, and is talking with touring acts to bring them to the arena in late 2020 and in 2021.
Copyright 2020 WBAY. All rights reserved.