FPI MB Entertainment LLC (FPI MBE) announced it has entered into a contract to purchase substantially all the assets of Hard Rock Park in Myrtle Beach, S.C. The group’s contract is with the appointed Chapter 7 Trustee in the United States Bankruptcy Court for the District of Delaware. The group has a fully-financed contract for the purchase price of $25 million, as well as, additional committed capital to open the park for the 2009 season. There are no financing contingencies with regard to the transaction. A court hearing to approve the sale is scheduled for February 17, 2009.
FPI MBE is a group whose members collectively have more than 100 years in the attractions and entertainment industry and are committed to the successful reopening and operation of the Hard Rock Park. Members of FPI MBE include Freestyle Park International, a division of MT Development of Moscow; Roundbox Advisors; and a group of local Myrtle Beach, S.C. area investors. A world-renowned theme park management company has been retained to manage the operations of the park.
FPI MBE representatives will neither make additional comments nor field questions regarding the purchase until it is closed following an official sale order by the court.
Upon closing, FPI MBE representatives will issue a formal press release with additional information about the purchase and will be available for comment for media requests.
To request additional information or an interview from an FPI MBE representative at that time, contact Erin Barrett at (843) 916-2000 or ebarrett@brandonadvertising.com.
See Also: It’s a Family Affair! … at Hard Rock Park
