The bankruptcy filing includes almost 300 pages worth of names of potential creditors. Dan Tierney, a spokesman for DeWine’s office, said the potential effect of the bankruptcy is unknown.
“We have ongoing litigation against the company for failure to deliver goods and services that were paid for and promised to consumers,” he said. “That litigation is ongoing and it is too early to tell what impact the bankruptcy may have on that litigation.”
In July, Adventure Holdings, the parent company of Florida-based amusement park chain Adventure Landing, signed a lease with an option to purchase the former Beach Waterpark. The Warren County auditor’s website — which shows the water park owes $47,757 in taxes and has paid nothing since it closed — valued the park at $3.8 million as of January 2011.
Adventure Holdings officials could not be reached for comment about this latest development. Warren County bankruptcy expert Harold Jarnicki said all of the assets of the company now become “subject to the bankruptcy court jurisdiction.” He said the reorganization will include a plan for how they are going to pay their creditors, and the creditors will have a say in how The Beach proceeds from here.
“The bankruptcy court will have to approve anything they do at this point,” he said. “So it does effect it (the lease deal) but that doesn’t mean it can’t go through.”
Mike Schueler, president of Water Parks Inc. and managing general partner of the park, could not be reached for comment.