State Fair of Virginia Ceasing Operations

Files for Chapter 11 bankruptcy

Thursday, Mar 8, 2012  |  Updated 10:18 AM EDT
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State Fair of Virginia Ceasing Operations

AP

River Bronson, 5, blows his duck noise maker in front of the display of newly hatched chicks at the State Fair of Virginia on Sept. 26, 2008, in Richmond, Va. Bronson won the prize when his duck placed first in a race.

The State Fair of Virginia Inc. is ceasing operations.

The nonprofit organization announced Wednesday it is liquidating its assets and canceling all planned events after it couldn't reach a financing agreement with a lender group.

The State Fair filed for Chapter 11 bankruptcy in December to temporarily stop the lender group from taking over the fair's assets. As of a Feb. 14 hearing, the lender group was owed about $75.6 million.

The State Fair had until Wednesday to submit a plan to a U.S. bankruptcy judge.

State Fair chairman G. William Beale says the organization's 17 remaining employees left the fair on Wednesday.

Media outlets report the State Fair will now convert its bankruptcy case into a Chapter 7 liquidation.

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