Hard Rock Park Files For Bankruptcy

Yesterday at 6:30pm, Hard Rock Park called a meeting of all the staff and announced that the park filed for Chapter 11 bankruptcy. Hard Rock Park will be closing immediately for the rest of the 2008 season.
After a disappointing first summer, the music has been silenced.


Chapter 11 is a legal process that allows a company to continue to operate its business while it restructures its debts in an organized, Court-supervised setting. Chapter 11 refers to the portion of the U.S. Bankruptcy Code that governs Bankruptcy Court-supervised corporate reorganizations.

Rumors of the parks troubles have been circulating for weeks, but the first signs were apparent when the park announced it was laying off employees more than a month ago. Adding to the problems, one of the park?????????s major roller coasters, Maximum RPM, temporarily closed and due to the ride manufacturer disabling the ride due to delinquent payment.


Hard Rock Park is a rock 'n' roll theme park located in Myrtle Beach, South Carolina that opened on April 15, 2008.

For Closing Frequently Asked Questions, click here.
For Hard Rock Parks website, click here.






Info and text from:
hardrockhideout.com
hardrockpark.com

[Oscar]

Another victim of the current financial problems everyone is experiencing.

Wow that's terrible. Are you all still proud to be an American now?

Right after a new coaster was built. Shame.

[Turbo]

That sux a lot. it looked like a good park too.

[jayman]

too bad,
guess they bought more than they could afford.. just like everyone else who's in trouble..
so long as the government doesnt get involved in our free market and involve those of us who DON'T live beyond our means by raising taxes i'll sleep just fine

Having read the FAQs posted by Hard Rock Park yesterday, this situation really doesnt sound that bad.

If you think about it properly, this is one of the worst years ever to start up a theme park. The global credit crunch has ment that everyone has found it hard to get the financial backing that they need, including Hard Rock Park, and they explain this in there FAQs section:

"Additionally, the frozen credit markets severely limited our ability to line up loans or the other planned financial resources we needed to execute our summer marketing plan and adequately promote the Park."

Its no wonder that they struggled this year, with attendance down and no finance.

Chapter 11 sounds like the best way for them to go, and i believe that HRP will reopen next year.

http://www.thestate.com/business/story/536386.html

There's a really good article about it posted today.

wow. that was fast.

damn... that sucks [:(]

i really wanted to ride led zeppelin... i hope they bring it somewhere around chicago!! [:D]

Originally posted by tmv8888

Wow that's terrible. Are you all still proud to be an American now?

No. I'm so deathly ashamed of our country. Damn them. How dare they let Hard Rock Park fall. =/



Mike, we may be down in the dumps for a while but our economy and government aren't the only factors of being proud of your country.

Originally posted by coasterking1993

damn... that sucks [:(]

i really wanted to ride led zeppelin... i hope they bring it somewhere around chicago!! [:D]

read the article...

it's reopening.