Owners of Springfield Theater File Bankruptcy
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.