(Wichita Business Journal) - Wild West World could have a new owner by the end of the month.
Bankruptcy Judge Robert Nugent on Thursday approved the $2 million sale of the park to Tulsa-based Murphy Brothers Exposition, which is tentatively scheduled to close on May 30.
The deal also will include Murphy Brothers taking on the $1 million mortgage that Park City has on the parking lot.
Jerry Murphy, owner of Murphy Brothers plans to reopen the park in 2009. He wants to change the name, add rides and make other improvements.
Park City Mayor Dee Stuart says she is glad the sale of the park was approved. The sale seems to put to rest a year of uncertainty about what would happen with the ill-fated amusement park. City officials say they never gave up hope for the Wild West World site, which is just off I-135 at 77th St. North, eventually opening again.
Despite the sale approval, hundreds of creditors likely will be shut out from receiving any of the proceeds from the sale. A collection of five banks appear to be first in line to recoup some of their costs associated with the park. That group loaned Wild west World founder Thomas Etheredge a collective $6.5 million to get the park off the ground. The banks recovered some cash following the liquidation of its rides, merchandise and other equipment.
A spokesperson with Nugent's office confirmed the sale was approved, but says the court order will dictate how the funds will be allocated. It is unclear when the order will be filed.
Bankruptcy attorney Ed Nazar says the motion for sale addresses which creditors get paid. Minus Realtor fees, taxes and other sale costs, the top-tier group of lenders will split the remaining balance, which is led by First National Bank of Southern Kansas, Nazar says. The division will be outlined in the closing statement, which has yet to be prepared.
"I'm happy that we could facilitate the sale," he says.
Despite the park selling for less than many anticipated, Nazar says the $2 million was a "hard-fought" number to achieve.
Sitting idle since last July, Wild West World amassed about $300,000 in holding costs, which include insurance, security, utilities and maintenance. Nazar says because the debtor, Wild West World, had no money, the holding costs were advanced by the first lien group of banks and paid after being approved by the court.
The bankruptcy left a trail of devastation in its wake that is still being felt 10 months later.
Nazar says the situation is sad for everyone involved. Thomas Etheredge and his family because they lost virtually everything, the hundreds of creditors who invested with Wild West World and the community.
"Wild West World was a symbol of business development," Nazar says.
Bankruptcy Judge Robert Nugent on Thursday approved the $2 million sale of the park to Tulsa-based Murphy Brothers Exposition, which is tentatively scheduled to close on May 30.
The deal also will include Murphy Brothers taking on the $1 million mortgage that Park City has on the parking lot.
Jerry Murphy, owner of Murphy Brothers plans to reopen the park in 2009. He wants to change the name, add rides and make other improvements.
Park City Mayor Dee Stuart says she is glad the sale of the park was approved. The sale seems to put to rest a year of uncertainty about what would happen with the ill-fated amusement park. City officials say they never gave up hope for the Wild West World site, which is just off I-135 at 77th St. North, eventually opening again.
Despite the sale approval, hundreds of creditors likely will be shut out from receiving any of the proceeds from the sale. A collection of five banks appear to be first in line to recoup some of their costs associated with the park. That group loaned Wild west World founder Thomas Etheredge a collective $6.5 million to get the park off the ground. The banks recovered some cash following the liquidation of its rides, merchandise and other equipment.
A spokesperson with Nugent's office confirmed the sale was approved, but says the court order will dictate how the funds will be allocated. It is unclear when the order will be filed.
Bankruptcy attorney Ed Nazar says the motion for sale addresses which creditors get paid. Minus Realtor fees, taxes and other sale costs, the top-tier group of lenders will split the remaining balance, which is led by First National Bank of Southern Kansas, Nazar says. The division will be outlined in the closing statement, which has yet to be prepared.
"I'm happy that we could facilitate the sale," he says.
Despite the park selling for less than many anticipated, Nazar says the $2 million was a "hard-fought" number to achieve.
Sitting idle since last July, Wild West World amassed about $300,000 in holding costs, which include insurance, security, utilities and maintenance. Nazar says because the debtor, Wild West World, had no money, the holding costs were advanced by the first lien group of banks and paid after being approved by the court.
The bankruptcy left a trail of devastation in its wake that is still being felt 10 months later.
Nazar says the situation is sad for everyone involved. Thomas Etheredge and his family because they lost virtually everything, the hundreds of creditors who invested with Wild West World and the community.
"Wild West World was a symbol of business development," Nazar says.
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