Clearwater Ice Arena
This company was a Clearwater, Florida based, 32,000 square foot, single sheet ice skating rink.
The owner of this facility originally purchased the business with the intention to lease it out to an attorney that he had dealt with in several other business ventures. The attorney never followed up on paying the rent and had to be evicted. It was then discovered the facility needed significant capital expenditures in order to be operational and was the owner was not able to keep up with the payments. He filed CH. 11 to buy time to find a buyer or investor for the facility.
After a broad reaching marketing process, Equity Partners identified 30 interested prospects with 7 separate groups visiting the facility, and received offers from 5 of these groups.
The owner moved forward with a transaction via a plan of reorganization that allowed him to continue operating the facility.