State Fair of Virginia files bankruptcy
CBS6 Web Staff
December 1, 2011
The not-for-profit corporation which manages the State Fair of Virginia has voluntarily filed for Chapter 11 bankruptcy. Don’t worry though, the 157-year-old tradition has not come to a screeching halt, not yet.SVFA, Inc., in a press release, announced that they plan to continue normal operations.The organization claimed that the stock market drop of 2009 affected the financial portfolio that backs the bank loan. They said it is half of what it was in 2007.
Curry Roberts, president and chief executive officer of SFVA, said that 2011 was a good year for attendance at the fair, with crowds increasing by 32 percent from 2010.
Roberts noted that the organization is current with loan payments, and also mentioned that the State Fair of Virginia is one of just a few state fairs that operates independently of public funding. He said this move is intended to bring them back into finanical stability.
SFVA also operates the Strawberry Hill Races, founded in 1895, and the Meadow Highland Games & Celtic Festival, founded in 1995.
Curry Roberts, president and chief executive officer of SFVA, said that 2011 was a good year for attendance at the fair, with crowds increasing by 32 percent from 2010.
Roberts noted that the organization is current with loan payments, and also mentioned that the State Fair of Virginia is one of just a few state fairs that operates independently of public funding. He said this move is intended to bring them back into finanical stability.
SFVA also operates the Strawberry Hill Races, founded in 1895, and the Meadow Highland Games & Celtic Festival, founded in 1995.
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