The operator of the former Bell Bank Park sports complex in Mesa, Ariz., filed for bankruptcy more than a year after opening, seeking a sale to repay roughly $300 million in defaulted municipal debt, WSJ Pro Bankruptcy reported. Legacy Cares, the nonprofit operator of the 320-acre sports complex, filed for chapter 11 on Monday, saying in court filings that it would seek to sell its assets, which are “severely underwater.” It listed $242 million worth of assets and over $366 million of liabilities in its filings with the U.S. Bankruptcy Court in Phoenix. The nonprofit, which had borrowed in the municipal bond market to build the park, defaulted on its interest payments last year. Revenue fell far short of projections, and Legacy Cares recently hired restructuring firm Miller Buckfire to consider options. The park loses roughly $1 million a month on its operations, a burn rate that will only increase as it approaches the summer, its slowest part of the year, according to Legacy Cares’ court papers. It has lined up a $9 million loan from UMB Bank NA, the trustee for municipal bondholders, to fund the expenses of the chapter 11 case.
