04-08-2025
NYC Music Venue Operator Avant Gardner Files For Bankruptcy
(Bloomberg) -- New York City live music venue operator Avant Gardner has filed for bankruptcy protection after difficulties re-opening its flagship outdoor stage, the Brooklyn Mirage, following a major renovation.
The Brooklyn Mirage had been slated to re-open in May 2025, but the project faced cost overruns, delays and permitting issues. While some events had been shifted to Avant Gardner's indoor venues, it was not sufficient to stem a 'significant liquidity crisis,' according to Chief Executive Officer Gary Richards.
AGDP Holding, the parent company of Avant Gardner LLC, filed for Chapter 11 bankruptcy in Delaware with around $155.3 million in funded debt obligations, according to court filings.
Richards also pointed to 'increasingly aggressive collection activities' from certain financiers and contractors in court documents dated August 4. Avant Gardner took on financing arrangements in the months prior to bankruptcy to complete the renovation, with certain deals now subject to dispute.
It is not the first time that Avant Gardner has faced problems. In 2023, the company hosted the Electric Zoo Festival, which was slapped with a class-action lawsuit after it canceled its first day at short notice and denied access to some festival-goers.
Avant Gardner's key lender has agreed to provide around $45.8 million in debtor-in-possession financing, which it will use, alongside other obligations, to bid for Avant Gardner's assets. The company plans to hold a competitive auction for the assets, while maintaining business-as-usual in the short term.
The case is AGDP Holding Inc, case number 25-11446, in the US Bankruptcy Court for the District of Delaware.
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