Fox Valley Pro Basketball Inc. filed the voluntary Chapter 11 petition in U.S. Bankruptcy Court. In the four-page filing, the business says it owes between 100 and 199 creditors and has $10 million in estimated assets and $50 million in liabilities. The filing was signed by Greg Pierce, president of Fox Valley Pro Basketball.
The filing came shortly before attorneys for Bayland Buildings Inc. were to appear in a Winnebago County courtroom in its lawsuit the Hobart company filed Aug. 9 that said Fox Valley Pro Basketball owes it $13.1 million for building the arena. Bayland Buildings was preparing to ask a judge to appoint a receiver for the arena to control its finances and find a new owner.
The bankruptcy filing puts that request on hold and keeps Fox Valley Pro Basketball in control of the arena’s assets while it tries to work with creditors to address its debt and determine if it can emerge as a viable business. Bayland’s lawsuit and two others filed against Fox Valley Pro Basketball are on hold but will continue after a federal judge rules on the bankruptcy. In total, the Oshkosh business is behind on $21.5 million in payments.
The arena, which opened in December 2017, is home to the Wisconsin Herd, the Milwaukee Bucks’ NBA G-League team. Last week, the Herd’s leaders recommitted to staying at the arena.