Brooklyn Mirage Owner, Creditors Strike Deal to Reopen With Pacha

The Brooklyn Mirage will reopen as Pacha New York in June after the club’s new owner struck a deal with creditors that clears the way for a bankruptcy plan to move forward.

Pacha Group owner Five Holdings will operate the Brooklyn Mirage under a long-term agreement with distressed debt fund Axar Capital Management LLC, according to a Tuesday announcement. An Axar affiliate was approved last year to purchase the venue.

Andrew Axelrod, CEO of Axar Capital, said the proposed deal with unsecured creditors of former Brooklyn Mirage owner Avant Gardner will resolve all of their material issues with the company’s ...