Arena developer angling for time [South Florida]
The company behind the partially built arena in Lakewood Ranch has sought Chapter 11 bankruptcy protection in a move company officials say will buy them time to find financing and jump-start the stalled project.
The filing Friday by DVA Arena led to cancellation of a foreclosure sale of the property that was to start Monday.
If it is granted, the bankruptcy will allow business owner Sal Diaz-Verson to hold onto the partially built arena just north of State Road 70 and restructure company debt.
“The Chapter 11 filing gives DVA additional time to reorganize the company and raise the additional capital needed to complete the arena project,” Diaz-Verson said in a prepared statement. “We remain fully committed to bringing a top-notch sports and entertainment venue to Southwest Florida.”