Las Vegas monorail files for Chapter 11 bankruptcy
LAS VEGAS (KLAS) – The Las Vegas Monorail Company has filed for Chapter 11 bankruptcy. The company made the announcement on Monday, saying it was doing so as a voluntary request for Chapter 11 bankruptcy protection with the bankruptcy court. United States for the District of Nevada.
The board of directors of the company has authorized the deposit. The following statement has been released.
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. “Accordingly, it is in the best interests 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 running and to ensure that the mobility benefits provided by the monorail continue during conventions, events and throughout the year.
8 News NOW first told you that the Las Vegas Monorail has entered into a sales agreement with the Las Vegas Convention and Visitors Authority, which the monorail will submit to bankruptcy court as part of an auction. Other qualified bidders are also allowed to participate.