OSHKOSH, Wis. (WFRV) – Wednesday marked a milestone towards Fox Valley Pro Basketball’s reorganization efforts.
The court has approved financing for Fox Valley Pro Basketball that totals $500,000.
This financing along with the TIF money totaling $400,000 from the City of Oshkosh provides Fox Valley Basketball with enough to fund its operations, become profitable, and propose a plan to exit Chapter 11 bankruptcy.
The financing was approved following concerns raised by parties including Bayland Buildings.
Bayland Buildings and FVP basketball reached an agreement to allow financing and to stay all legal proceedings between them until mid-January 2020.
This will allow the basketball league time to work toward its financial restructuring.
Before Wednesday, agreements had been reached with The Wisconsin Herd and the City of Oshkosh to address concerns they had raised in Fox Valley Pro Basketball’s Chapter 11 restructuring efforts.
“We are very pleased with the efforts of all parties involved to work toward resolving Fox Valley Pro Basketball’s financial issues.”– Jerome R. Kerkman Legal representative for Fox Valley Pro Basketball