Pittsburgh, PA (PRWEB) May 31, 2017
Pittsburgh Athletic Association and its related company the Pittsburgh Athletic Association Land Company (collectively, the “PAA”) today filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The PAA is today undertaking a strategic restructuring as a result of economic pressures and challenges that have mounted over the past few years. The PAA has obtained $750,000 in debtor-in-possession (DIP) financing from a third-party lender to help fund its businesses during this reorganization. Petitions were submitted to the United States Bankruptcy Court for the Western District of Pennsylvania. (Case # 17 - 22222 and 17-22223)
“Today, the PAA has made a well reasoned strategic decision to put itself on track to restructure existing obligations, right-size its operations and explore partnerships designed to achieve a sustainable Association for its members, their families and our other stakeholders,” said Board President James A. Sheehan. “We are optimistic that this process will allow the PAA to remain an active and relevant member of our community for another 100 years.” The PAA clubhouse is listed on the National Register of Historic Places and is located across from the University of Pittsburgh’s Cathedral of Learning in Oakland.
As part of today’s Chapter 11 filings, the PAA will also be filing several “first day” motions with the Court to ensure that it may continue post-petition business affairs without disruption. The motions are expected to be approved by the Bankruptcy Court. The PAA is represented by Tucker Arensberg, P.C. in its Chapter 11 cases.
“The Board of Directors of the PAA see this as the first step in restoring the PAA to its previous status as one of the premier clubs in Pittsburgh,” says Jordan S. Blask of Tucker Arensberg. Mr. Blask is lead counsel for the PAA. Requests for information should be directed to Mr. Blask.
For more information on the firm, please visit http://www.tuckerlaw.com