Theme Park files for bankruptcy
Less than two years later, for water skiers, roller coasters and Southern belles, Cypress Gardens Adventure Park is in a state of bankruptcy courts.
Hurricanes Charley, Frances and Jeanne are increasingly blamed for launching the 70 years of attraction in Chapter 11 bankruptcy.
Adventure Parks Group LLC of Valdosta, Ga., the company that owns Cypress Gardens in Winter Haven and game Adventures in Valdosta, said Tuesday that keep parks open and honor season, while the reorganization of its Finance.
The parent company and both parks case in the files of the U.S. Bankruptcy Court for the Middle District of Georgia. They have nearly $ 70 million, according to his lawyer.
Among its main creditors, the Bill and Melinda Gates Foundation, as a credit of the parent company of $ 9.6 million by an investment adviser, Grand View Capital Management in Manhattan Beach, California
The Florida Park’s creditors in a landscape company, lighting designers, television WFLA-TV and Tampa WTSP-TV in St. Petersburg, Tampa Electric and the Florida Department of Revenue.
Cypress Gardens opened in 1936, survived wars and recessions, closed in 2003, a victim of molding competitors such as Walt Disney World, Busch Gardens and Universal Orlando.
Adventure Parks bought the land for the coming year. The attempt to reinvent the park as a cheaper alternative on the park Orlando serious, Georgia, the company invests millions in more than 40 new rides.
Four groups of previous owners, including Anheuser-Busch Cos, it failed attraction for tourists.
But shortly before the scheduled reopening in 2004, three hurricanes crossed Polk County, leaving the park, with approximately $ 25 million damage. Adventure Parks repaired the damage and opened in December 2004 but was never to collect on its insurance company.
Adventure park complain emblem American Insurance Co. for non-compliance pay its debts.
General Electric Capital Corp. is lending Adventure Parks $ 15 million continue. The company said it does not expect jobs to be cut.
“We are convinced that this process will be an opportunity, we need to improve our financial position, while our business,” Parks said in a statement.
The company in bankruptcy, said not to disturb the submission of plans for an expanded offer of concerts and events in the two parks for the rest of this year and early 2007.
“I’m destroyed on the ground,” said Burma Posey Davis, president of Friends of Cypress Gardens, the entrance hall of work Dir Jeb Bush to save the park during the year 2003. “I hope they can be stored on the restructuring, because there are so many things to tell us.
Davis Applause Adventure Parks’ owner Kent Buescher for his efforts for the 150-hectare park back to life, but said: “The roller coasters were not enough for people prefer by far Orlando.
The park makes the participation of about 1.4 million last year to almost double expectations. But most visitors lived within an hour by car, possession of passports and season rather not go for both food and beverages.
Driving licences shall provide a deeper value on Cypress Gardens.
“The resurgence of the gardens has filled our restaurants and hotels again,” said the Rev. Tom McGrath of Hope Presbyterian Church in Winter Haven. “It is also an advantage psychologically that the garden reopened and seemed good progress has been made.
Cypress Gardens prospects over the year 2007 are also all’s guess.
For Abe Pizam, dean of the School of Hospitality Management roses at the University of Central Florida, the park remains a tough sell.
Pizam cited two kinds of successful theme parks: those with eye-Attractions sautante and not competitors nearby, smaller and a small car as a major Disney parks. Cypress Gardens does not qualify in both categories.
“It’s not near the tourist attractions of Tampa or Orlando … and not the power to considerable distances of man,” said Pizam. “It is beautiful and should be maintained. But the facts of life, it would be difficult to maintain (companies).
Times Staff Writer Steve Huettel contributed to this report, information from the Associated Press.
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