Owners of Springfield Theater File Bankruptcy

6 years 1 month 3 weeks ago December 31, 2010 Dec 31, 2010 Friday, December 31 2010 Friday, December 31, 2010 7:25:05 AM CST in News

SPRINGFIELD (AP) -- A trust that is trying to save an historic theater in Springfield has filed for bankruptcy.  The filing Thursday by the Springfield Landmarks Preservation Trust stalls a foreclosure sale on the Gillioz Theatre that was scheduled for Friday.

Trust Board President Dave Roling told The Springfield News-Leader that the decision to file bankruptcy was made after the Guaranty Bank rejected an offer from the trust. The bank made a counteroffer that Roling says was unacceptable.

Roling declined to provide specifics about the offer and counteroffer. The trust had been trying to raise $500,000 to save the theater, but Roling says the bank's counteroffer made that effort futile.

Bank officials said they couldn't comment on the negotiations.

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