WMBFNews.com | Myrtle Beach/Florence, SC | News, Weather, SportsFreestyle to delay March opening, repay $569,000 in debt

Freestyle to delay March opening, repay $569,000 in debt

 MYRTLE BEACH, SC (WMBF) - A Delaware bankruptcy court judge has granted the owners of Freestyle Music Park an extension to pay nearly $570,000 in outstanding debt.

According to a federal court order filed Tuesday, FPI MB Entertainment LLC has until April 1 to pay back $569,151.52 in debt that was inherited with the purchase of the park. The agreement, according to court documents, was agreed on by FPI MB Entertainment and the park's court-appointed trustee, Alfred Giuliano.

While the debt was inherited from the park's previous owners, a spokeswoman for Freestyle Music Park says the park's current owners have not followed through on leasing agreements to pay back any debt owed.

The Associated Press reports Attorney Tobey Daluz says the park's owners are willing to sell the park, enter into a joint venture or any other deal that infuses capital into the company.

In addition to the mass debt owed on the park, officials have announced Freestyle Music Park has come short of its projected March 2010 opening. While officials confirm the park will open sometime in the spring, it will take at least eight weeks for the amusement to open from the moment the date is selected.

In January, owners of the Horry County attraction asked a Federal Court judge to allow for a 30-day extension to pay off leasing debts, following the filing of a lawsuit for payment.

Freestyle Music Park says its owners will respond accordingly to the judge's rulings in regards to the payment of leases.

The $400 million Myrtle Beach attraction opened in 2008 as Hard Rock Park. The current owners bought it a year later out of bankruptcy for $25 million and renamed it.

The Associated Press contributed to this report.

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