DATE: Saturday, September 27, 1997 TAG: 9709270435 SECTION: LOCAL PAGE: B4 EDITION: FINAL SOURCE: STAFF REPORT DATELINE: NORFOLK LENGTH: 28 lines
A corporation that once brought the All-Star Bar and Grill, Legends and the Bait Shack to Norfolk's nightlife filed for Chapter 7 bankruptcy, according to court records.
Waterside Live Inc., which operated businesses in Waterside, filed in U.S. Bankruptcy Court in Norfolk on Sept. 19. It listed liabilities of nearly $1.4 million, but no assets to liquidate.
The corporation had a history of financial troubles. Waterside Live had filed for Chapter 11 bankruptcy reorganization in April 1996. Then, it claimed assets of $19,561 and liabilities of $715,223. Records listed 38 creditors who filed claims against the corporation.
It emerged from bankruptcy protection in October 1996, according to the records.
The city of Norfolk sued Waterside Live in August, seeking to recover more than $22,000 in unpaid parking fees and related charges it says it was owed.
Court records say Il Porto restaurant, the last of the corporation's businesses to close, shut its doors in June 1997.
Waterside Live listed sales in 1995 of $2.4 million, in 1996 of $1.6 million and up to June 1997 of $241,981. KEYWORDS: BANKRUPTCY
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