Creditors of New York City live music venue owner Avant Gardner have pulled their support for a bankruptcy plan after discovering distressed debt fund Axar Capital Management LLC negotiated a deal with a third-party venue manager to take over the Brooklyn Mirage club.
The reversal comes after lender Axar “secretly negotiated” a deal between itself and a “world-renowned venue manager and operator,” undermining a global settlement, an unsecured creditors’ committee told the US Bankruptcy Court for the District of Delaware in a notice Tuesday. The buyer is the Pacha Group, according to a source familiar with the matter.
Axar has ...
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