Tavern on the Green Bankruptcy
Famous Central Park’s 75-year-old restaurant “Tavern on the Green” has filed for bankruptcy after losing the lease on the city property a month ago, losing a bid.
The name of the restaurant, a name that has been known since 1934 will now be sold to the highest bidder on a bankruptcy court. The estimated cost is of $19 million dollars.
The bankruptcy documents contain assets and debts of as much as $50 million dollars, and more than 200 creditors. It seems they won’t have enough money to pay unsecured creditors.
Jennifer Oz LeRoy, Tavern on the Green CEO said:
“The filing was the result of two factors — the extreme financial distress brought on by the current financial crisis and the City of New York’s decision not to renew our lease,”
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