Latest news with #GaryRichards
Daily Mail
5 days ago
- Business
- Daily Mail
Storied NYC music venue files for Chapter 11 bankruptcy just MONTHS after a series of murders
The owner of iconic New York nightclub Brooklyn Mirage has filed for bankruptcy. Avant Gardner had failed to re-open the club in East Williamsburg after conducting an expensive renovation following two grisly murders of its club clients in 2023. Brooklyn Mirage was meant to reopen in May but was beset with delays, permitting issues and spiraling costs. Part of the reopening were proposals to improve safety for its customers. The closure of the famed nightclub was 'catastrophic' to Avant Gardner's finances, the company's CEO Gary Richards said in a court filing posted this week. The company filed for Chapter 11 bankruptcy in Delaware citing $155.3 million in debt, Bloomberg reported. Brooklyn Mirage will likely be auctioned off with the company's other assets in order to repay creditors. One of the company's major creditors has already indicated that it will use $45.8 million in debtor-in-possession financing to bid for assets. On April 29 Avant Gardner were informed by New York City building inspectors that it was revoking its temporary permit. Despite a number of follow-up meetings the nightclub was not able to get a new one, Richards said in the legal filings. Richards also blamed builders for construction problems during the renovation as well as 'increasingly aggressive collection activities' from creditors. Richards, a former DJ and veteran of the nightclub scene, only took up his post two months ago. 'Two months ago I was brought in as CEO to rebuild the Company's culture and turn the business around,' Richards said in a statement. 'I believe this Chapter 11 restructuring is the most viable path forward.' Prior to that the company had run into major trouble after hosting the Electric Zoo Festival in 2023. The first day of the event was cancelled on short notice and other festival attendees were refused entry. CEO Gary Richards took up the post two months ago John Castic (left) and Karle Clemente (right) were both murdered after attending the nightclub in 2023 The failure to reopen the Mirage was 'catastrophic' to the company's finances Avant Gardner was then hit with a class action lawsuit as a result. The issue came just months after two people, who had attended Brooklyn Mirage that night, were found murdered on separate occasions not far from the venue. A spokesperson for the nightclub said at the time that 'while both incidents are extremely tragic, it remains our position that we do not bear responsibility.' 'Both deaths were unfortunate accidents which took place blocks away from the venue and not on an Avant Gardner property.'
New York Post
6 days ago
- Business
- New York Post
Brooklyn Mirage closed for year as troubled owner files for bankruptcy
The curtains will fall on the Brooklyn Mirage for the rest of the summer after the venue's troubled owner filed for bankruptcy Monday. Avant Gardner LLC took the drastic step after it faced ongoing financial snags and failed to reopen the prized East Williamsburg open-air concert hall in time for its 2025 season of shows – as newly minted CEO Gary Richards claimed he had no choice but to plunge into a reorganization. 'Two months ago I was brought in as CEO to rebuild the Company's culture and turn the business around,' Richards said in a statement. 'I believe this Chapter 11 restructuring is the most viable path forward.' 3 An aerial view of Brooklyn Mirage. NY Post The company faced a mountain of bad publicity and scrutiny over safety after two ravers were found dead near the Mirage in 2023. Each died after leaving separate shows at the isolated location. The venue has also been criticized as a haven for hard drugs even as Avant Gardner has argued it has strict protocols in place. The business was dinged up after chaos unfolded the same year at the Electric Zoo festival – a three-day event operated by Avant Gardner. The annual set of shows didn't take place last year and hasn't been scheduled for this year. 3 Safety issues have dogged the Mirage. Adam Gray for NY Post The Mirage was supposed to open in May after a massive renovation, but was dogged by delays and will remain shuttered for now, according to the company. 3 The Mirage won't be open until next year. Getty Images The other venues in the sprawling complex, the Great Hall and Kings Hall, will still be operational, but the closure of the Mirage has been 'catastrophic' for the company's finances, Richards said in a court filing, according to Bloomberg. The Mirage is expected to reopen by next year, the company said. Avant Gardner, which is owned by co-founder Juergen 'Billy' Bildstein, owes various vendors more than $10 million, including a cool $1.8 million to South African DJ Black Coffee Entertainment, according to the Chapter 11 filing that paints a bleak financial picture. The company hopes to borrow up to $45 million to go toward the Chapter 11 proceeding and keep operations going, the filing shows. Meanwhile, the company has up to $500 million in liabilities and only at most $100 million in assets.
Mint
7 days ago
- Business
- Mint
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. More stories like this are available on
