Officials from the Waterford Speedbowl learned Thursday from bankruptcy court in Hartford that they have emerged from the Chapter 11 bankruptcy the track filed for about two and a half years ago.
“The court approved final decree to end our Chapter 11 bankruptcy,” track owner Terry Eames said. “We’ve reorganized the company in agreement with the creditors and we live to fight another day. We have a plan of reorganization that is in effect and we’re working the plan. It was billed as a triumphant moment by my attorney. We have no pending foreclosures or adversarial actions going forward.”
Facing a foreclosure on the Speedbowl property, Eames filed for Chapter 11 bankruptcy protection in Oct. 2009.
In July 2007, Southbury businessman and local racing supporter Rocco Arbitell, along with business associate Peter Borrelli, stepped in to offer Eames and his ownership group, 1080 Hartford Road LLC, financing to avoid a foreclosure action being taken against them by former mortgage holder Washington Mutual Bank. The deal with Arbitell was announced a day before the track’s auction date for a foreclosure.
In May 2008 Arbitell brought his own foreclosure action against the ownership group after former track operator Jerry Robinson failed to pay the Speedbowl’s property taxes.
Eames, who had run the Speedbowl since his group’s purchase of the property in 2000, gave up operational control of the track after the 2006 season to Robinson, who ran the facility through the 2008 season. Eames returned to an operating role at the facility prior to the start of the 2009 season.
“So far this year business has been guardedly optimistic,” Eames said. “The car counts have been good and the indicators are positive.”
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