CBGB Files for Chapter 11 Bankruptcy Protection
CBGB Holdings LLC, the company that now owns Manhattan’s legendary punk-rock venue, filed for Chapter 11 bankruptcy protection last Friday. The Associated Press reports that the company did not give a reason for filing for bankruptcy protection, but has indicated debts ranging from $1 million to $10 million.
Hoping to continue profiting from the venue’s memorabilia, investors obtained the CBGB name as well as its intellectual property rights in 2008 after the club officially closed its doors in 2006.
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