Court approves Spartans' bankruptcy plan
A federal court has accepted the Nashua Spartans Drum & Bugle Corps' bankruptcy plan to pay debts and reorganize. The corps has not performed this year, as the organisation owed more than $200,000 to creditors â?? an amount that did not include a lapsed $849,000 mortgage on the outfit's longtime home. A federal court has accepted the Nashua Spartans Drum & Bugle Corps' bankruptcy plan to pay debts and reorganize. The corps has not performed this year, as the organisation owed more than $200,000 to creditors â?? an amount that did not include a lapsed $849,000 mortgage on the outfit's longtime home.
As part of the Chapter 11 plan, which was accepted 13th August in U.S. Bankruptcy Court in Manchester, money remaining from the recent $915,000 sale of Spartans Hall will help the corps get out of the red. That figure was lessened greatly with the bankruptcy plan eliminating nearly $155,000 of debt.
The Spartans will now regroup, changing management and undergoing a fundraising campaign to prepare for a 2010 return, said the corps' attorney, Eleanor Dahar. The Spartans will work out of a temporary home as it searches for a permanent home, Dahar said.
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