After mediation between owner Fox Valley Pro Basketball and the arena builder, a federal judge approved a settlement that paves the way for the end of Menominee Nation Arena bankruptcy.
In August 2019 Fox Valley Pro Basketball (FVPB) filed for Chapter 11 bankruptcy after several vendors filed suit against the arena owner, including arena general contractor Bayland Buildings Inc. In that case, Bayland alleged that FVPB has defaulted on a mortgage, misrepresented its financial state, and failed to make payments to the contractor as required in a previous agreement.
Menominee Nation Arena was completed at a cost of $21.5 million in 2017, with the privately financed venue intended to serve as the anchor of a larger redevelopment initiative. While the G League’s Wisconsin Herd has proven to be a solid draw since beginning play in 2017, Menominee Nation Arena has reportedly struggled to find success in building and maintaining a slate of lucrative non-G League events.
The agreement will settle all outstanding debts relating to arena construction and operations. From the Oshkosh Northwestern:
U.S. Bankruptcy Judge Beth Hanan approved the plan Wednesday, according to court documents.
The plan allows the arena “to pay its trade creditors in full and provides a return to other creditors and investors,” according to a statement from arena officials.
“Our exiting chapter 11 is the result of the collective effort of the parties, including the City of Oshkosh, Bayland Builders, the Wisconsin Herd and the Menomonee Tribe, coming to the bargaining table and working through difficult issues in a difficult time,” Pierce said in a statement.
Photo courtesy Menominee Nation Arena.
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