Less than two weeks ago, we mentioned Fort Worth's Ridglea Theater was on it's fourth brush with foreclosure in two years, now, the owners of the hard rockin' venue are filing for Chapter 11 bankruptcy protection to get out of some massive debt.
The R.K. Maulsby Trust, which has owned the Ridglea for 18 years, filed for protection Thursday to restructure debts that range from $1 million to $10 million. (While we're not accountants, that seems like a pretty big range...)
We figure at least $1.1 million of that debt is owed to FixFunding in Dallas, who loaned the trust that amount in July 2008. That money had yet to be repayed last month, pushing the Ridglea to foreclosure auction set for August 4.
The latest news from around North Texas.
With the bankruptcy filing, the trust retains ownership of the venue, and, until we hear otherwise, shows are still set for the space.