Fox Valley Pro Basketball, the bankrupt owner of the Menominee Nation Arena in Oshkosh, has reached a new repayment deal with its largest creditor, Bayland Buildings.
Bayland and Fox Valley Pro Basketball went to mediation to work out a new payment plan. Fox Valley Pro Basketball owes Bayland $13 million from the arena’s 2017 construction.
As part of the deal, Bayland will receive $68,000 a month for the next three years, with that amount climbing to $76,000 for the following 22 years. In addition, Bayland will have a right to 37 percent of the arena’s net profits until the construction debt is paid off.
The deal needs to be approved by the bankruptcy court. If it is not approved by Sept. 1, Fox Valley Pro Basketball said it will turn the arena over to Bayland.
Bayland filed a lawsuit last summer over the unpaid debt. Several other creditors also then came forward, and Fox Valley Pro Basketball filed for bankruptcy protection last August.
The Menominee Nation Arena is home to the Wisconsin Herd, the G-League team for the Milwaukee Bucks.