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Here are the bankruptcy sale details on Schlitterbahn Corpus Christi

Here are the bankruptcy sale details on Schlitterbahn Corpus Christi

By In Bankruptcy On February 10, 2018


You want to buy a water park? An NYC law firm has put Schlitterbahn Corpus Christi on the market after Upper Padre Partners, LP, filed for bankruptcy with bankruptcy lawyers last May.

Water park, hotel, 9-hole golf course and 109 more acres of developed land on Padre Island.

How much would you pay?

Keen-Summit Capital Partners, a broker designated by a San Antonio bankruptcy court to handle the sale of Schlitterbahn Corpus Christi, has set the details for the bankruptcy sale.

The resort area is described as a four-story, 92-room hotel with a restaurant and multiple bars. There is space for 705 vehicles in the parking lot.

It can be sold as a whole or in parts. No asking price is listed.

The park itself comes with six tube rides, two kids areas, two river rides, a surfing ride, a water coaster, a heated pool, a tube slide and a raft ride.

The water park, hotel and golf course will open for the spring and summer seasons, according to Harold Bordwin, principal and managing director for Keen-Summit.

Stalking horse offers, which are first bids chosen by the bankrupt company to avoid low bids on its assets, are being considered. All sales are subject to the approval of the San Antonio bankruptcy court.

“This opportunity arises from the May 1, 2017, Chapter 11 filing of Upper Padre Partners, L.P., which was precipitated by inter-partner disputes, the doubling of the business’ construction budget, and the delayed opening of the project,” a separate advertisement for the sale reads.

The winning purchaser will take the title of the property with no “liens, claims, encumbrances” consistent with Section 363 of the bankruptcy lawyer code.

Julie Garcia/Caller-Times [SOURCE]