FRIDAY 8/23/19 3:31 p.m.
OSHKOSH, Wis. (WFRV) — Proceedings continue regarding Fox Valley Pro Basketball filing for bankruptcy.
According to the company, they “filed Chapter 11 in order to restructure its debts to ensure all creditors can be treated fairly and be properly paid.”
After appearing in court again today, FVPB says business continues operating under court protection.
FVPB says they were “close to securing full financing to satisfy the claims of all creditors, when Bayland Buildings, Inc. filed a lawsuit” earlier this month.
The company’s legal team says they believe FVPB will be able to exit Chapter 11 quickly with “the principal amounts due to all creditors to be paid in full.”
Windward Wealth Strategies, Inc. has reportedly agreed to lend up to 200,000 to allow FVPB to “meet its cash flow needs during the Chapter 11 proceedings.”
Court records show FVPB intends to fulfill “Pre-Petition Wages.”
FVPB is scheduled to have a final hearing on the financing agreement on September 16.
Original: Fox Valley Pro Basketball files for bankruptcy
MONDAY 8/19/19 3:29 p.m.
OSHKOSH, Wis. (WFRV) — The Fox Valley Pro Basketball, Inc. has voluntarily filed for Chapter 11 bankruptcy.
FVPB, the franchisee for the Wisconsin Herd and the Wisconsin Glow, filed for bankruptcy following a hearing for the Menominee Nation Arena took place Monday afternoon.
Wisconsin Herd President Steve Brandes told Local 5:
“We remain committed today, and in the foreseeable future, to working with Bayland Buildings to operate Menominee Nation Arena and will continue to make it the best venue in the G League. We care deeply about the city of Oshkosh, the entire Fox Valley, and our incredibly supportive Herd fans, and are excited to build on the roots we established in this area as operator of the Menominee Nation Arena. We are proud to be part of the community, excited for the upcoming season, and dedicated to continuing the success of G League basketball in Oshkosh.”
This comes after two lawsuits were filed in Winnebago County Court claiming the owners of the Arena were not making payments to investors and the company that built the arena.
For more on these lawsuits, click here: Oshkosh arena facing financial troubles.
Local 5 will continue to update this story as more information becomes available.