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Copia Closing

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Jeromy Roush



Newbie (6)
Location: ca, US

Dec 02, 2008 04:01 PM

A “temporarily closed” sign appeared on the door of Copia two weeks ago and on Monday the non-profit cultural center filed for Chapter 11 bankruptcy protection. What's going to happen. Rumors are that investors are only offering half of the losses...
TheBlind909



Newbie (7)
Location: CA, US

Dec 04, 2008 09:55 AM

CEO Garry McGuire had told decanter.com that the centre should reopen on 1 December, but it remained closed last night (2 December).

Copia's online calendar has been cleared for the next week, with the first planned event now scheduled for 12 December.

In conjunction with its bankruptcy filing, made under Chapter 11 of the US Bankruptcy Code, Copia is seeking permission to continue to pay its employees and to maintain their benefits.

The centre has also secured a commitment to provide US$2m in credit to supplement its working capital. This, it is planned, will give it time to complete the restructuring of the business over the next six months.

That will involve selling all Copia's real estate assets, leasing back facilities to enable it to continue to host events and educational programmes.

'We recently have taken intensive measures to overcome our deteriorating liquidity position,' said McGuire in a press statement.

'The decision to restructure the business through a Chapter 11 filing should provide us with the opportunity to strengthen our balance sheet, create a more efficient expense structure and ultimately position our public-benefit corporation to compete more effectively.'

McGuire was unavailable for further comment.

 

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