Belmont Park Considering Chapter 11 Bankruptcy

The owners of Belmont Park, a Mission Beach-based amusement park, and the City of San Diego, California, are in the middle of a serious rent dispute. Their discussions have now landed them smack in the middle of bankruptcy court. Although several issues are being discussed, the primary one is regarding whether Wave House Belmont Park will get to keep its lease on the park's property. It has already invested over $12 million into the area over the past decade.

When the city raised its rent in November, the park was forced to file for Chapter 11 bankruptcy protection. According to the San Diego Business Journal the park's rent increased $70,000 to a total of more than $760,000. 

At this point the court has ordered a stay in the case, allowing the park to stay where it is. Right now Wave House can hold the property until February; experts are speculating that if the company is forced to move, it would be the end of them financially.

Filing for Chapter 11?  The Malaise Law Firm can help. Contact our legal team now to get help from a San Antonio bankruptcy attorney.