The bankrupt former owner of the Brooklyn Mirage event space won court approval of a liquidation plan that pays a minimum $6.8 million to unsecured creditors.
Judge Mary F. Walrath of the US Bankruptcy Court for the District of Delaware said Thursday that she’ll approve the liquidation plan, which implements a settlement between Avant Gardner, its creditors, and major lender and buyer Axar Capital Management LLC, once a prepared order is submitted from lawyers.
Creditors could receive higher payouts depending on the future success of the business.
The approval comes after Dubai-based Five Holdings, which owns Pacha Group, announced last ...