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Bankruptcy May Be Your Option

Not-for-profit circus seeks bankruptcy protection

It seems that as time passes so does interest in certain activities. While visiting a circus was a favorite pastime for many in past years, it seems that interest in circuses have declined over the years in Oklahoma and across the country. This lack of interest has prompted one not-for-profit circus, called Big Apple Circus, to seek bankruptcy protection.

The circus was founded in 1977 and had programs intended to help children who are blind or deaf as well as autistic children. While the circus's success peaked during its 2008 season with 350 shows earning $18 million, four months ago it announced the cancellation of the 2016-2017 season. In June, the organization launched a fundraising campaign called "Save the Circus" but was unsuccessful in raising necessary funds.

Court filings indicate that the circus has $3.8 million in assets, but over $8 million in liabilities. It cites competition from another not-for-profit circus as one of the causes of its financial struggles. The circus hopes that filing for bankruptcy will give it the opportunity the restart with additional financial backing or allow someone else to purchase it and continue its work.

Unfortunately, businesses in Oklahoma can also fall victim to increased competition and a declining interest in the services they offer. While some businesses are able to alter their course, a drastic change is not feasible for many. Fortunately, there are options that can help, including filing for Chapter 11 bankruptcy protection. A professional with experience with such proceedings can guide companies -- and individuals -- through the bankruptcy options and help them choose the right path for their unique situations.

Source: upi.com, "Big Apple Circus files for Chapter 11 bankruptcy", Allen Cone, Nov. 21, 2016

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