Freestyle’s Debt Delays
A scheduled March reopening for Freestyle Music Park in Myrtle Beach, S.C., is up in the air following the recent closure of the park’s offices and the layoff of numerous employees.
Formerly known as Hard Rock Park, Freestyle was purchased in a bankruptcy sale by a group of investors last year, although the transaction didn’t herald an end to the park’s financial woes.
Freestyle reportedly still owes $570,000 in debt from previous owners and has faced several lawsuits from businesses, entertainers and vendors during its short time in operation.
GM Steve Baker said in a statement that the park’s limited funds meant the company was forced to close the business offices until additional investors could be identified.
“While park management continues to pursue negotiations with potential investors, we have limited funds and need to use those assets toward the goal of bringing new investors to the park,” Baker said. “We fully anticipate one of these deals will be satisfactory to the current owners.”
Once an investment deal is reached, Freestyle expects to rehire employees, work out a vendor repayment plan and announce plans for 2010.
“We still take our financial obligations seriously and will do everything we can do to resolve them,” Baker said. “There’s a great future for this park. It just needs a chance and hasn’t had that yet.”
Attorneys for the park have sought an extension to repay the $570,000 debt and are expected to appear at a Feb. 16 court hearing regarding the matter, the Sun News reported.