Las Vegas Monorail Company files for Chapter 11 bankruptcy
LAS VEGAS (KTNV) – The Las Vegas Monorail Company has filed a voluntary claim for protection under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Nevada.
The board of directors of the company has authorized the deposit.
âThe Las Vegas monorail has served a critical mobility need in the resort corridor for more than 16 years, carrying more than 85 million passengers during that time. Like many other businesses, we were forced to close on March 18 due to the COVID-19 pandemic and are not yet able to reopen, âsaid Curtis Myles, President and CEO.
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“Accordingly, it is in the best interest of the Las Vegas Monorail Company to file for bankruptcy and effect a sale of the assets of the system to a party who intends to keep the system operating and to help secure that the mobility benefits provided by the Monorail continue during conventions, events and throughout the year.
The Monorail has entered into a sales agreement with the Las Vegas Convention and Visitors Authority which the Monorail will submit to bankruptcy court in an auction in which other qualified bidders can participate.