HRP Myrtle Beach Holdings, LLC ("HRP Holdings"), the parent company of Hard Rock Park, has announced that it and certain affiliated entities have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. This procedure will give HRP Holdings the opportunity to restructure its balance sheet and reduce its debt to ensure the future health and sustainability of the company.
"The downturn in overall consumer spending combined with rising fuel costs have had a significant impact on tourism in Myrtle Beach and other markets. Additionally, the frozen credit markets and the unprecedented volatility in the global financial markets has severely limited our ability to line up the planned financial resources needed to execute our summer marketing plan and adequately promote the Park, " said Chief Executive Officer Steven Goodwin. "As a result, we have made the strategic decision to utilize the Chapter 11 process to proactively address these issues and provide the Park with the financial resources it requires for future success."
In conjunction with the filing, Hard Rock Park has closed for the remainder of the 2008 season to allow management to concentrate on the restructuring process. Following the completion of this process, Hard Rock Park intends to re-open for the 2009 season.
Goodwin concluded, "I would like to thank our employees, annual pass holders, visitors, vendors, sponsors and all of the other great people that were essential in making our inaugural season happen. Visitors to Hard Rock Park overwhelmingly compare their experience to the best that major theme parks have to offer and we look forward to continued success as a first class entertainment destination in the years to come."
About HRP Myrtle Beach Holdings, LLC:
HRP Myrtle Beach Operations, LLC, a wholly-owned subsidiary of HRP Holdings, owns and operates Hard Rock Park, a rock-n-roll theme park in Myrtle Beach, South Carolina, under a long term license agreement with Hard Rock Cafe International (USA), Inc.