AGDP Holding Inc. reached the effective date of its confirmed liquidation plan on June 9, 2026, closing a Chapter 11 process that began barely ten months earlier and that has already delivered substantially all of the Debtors' assets to their prepetition term loan lender through a credit-bid sale. The case has moved out of plan prosecution and into post-effective-date administration, with the discharge, release, and injunction provisions of the plan now in force and a short calendar of fee applications and bar dates remaining.
The Debtors operate the Avant Gardner complex in Brooklyn — home to the Brooklyn Mirage, The Great Hall, and The Kings Hall, and the producer of the Electric Zoo festival — and filed Chapter 11 petitions on August 4, 2025 in the District of Delaware (Case No. 25-11446, before Judge Mary F. Walrath) after the New York City Department of Buildings deemed the Brooklyn Mirage's temporary structure permanent and revoked the permits needed to open the flagship venue for the 2025 season. The first-day declaration of CEO Gary RichardsDkt. 13 traces the collapse from that permit revocation through an overbudget renovation, the loss of the Debtors' primary revenue-generating season, and aggressive collection activity — including prejudgment attachment of bank accounts — by a stack of short-term receivables lenders (TVT, Pinnacle, and Insta Funding) whose liens the Debtors dispute as unperfected and usurious. The capital stack the Debtors carried into bankruptcy was dominated by roughly $121.1 million of first-lien term loan debt plus $20.8 million of protective advances administered by Alter Domus, layered over an $11.85 million subordinated LiveStyle Note and a set of disputed merchant-cash-advance obligations.
To run the case, the Debtors secured a Final DIP and Cash Collateral OrderDkt. 370 on October 24, 2025 authorizing $25 million of new-money senior secured superpriority financing that primed the prepetition lenders, a $20.8 million roll-up of protective advances, use of cash collateral, and broad adequate-protection and waiver relief; two later noticed amendments enlarged the facility to approximately $60.8 million and extended maturity through April 30, 2026, providing the runway to confirm. The restructuring ran on a combined sale-and-plan track anchored by AG Acquisition 1 LLC, an entity of the prepetition term loan lender, which served as stalking-horse bidder and ultimate credit-bid purchaser. The notice of sale closingDkt. 721 confirms the substantially-all-assets transaction closed on June 4, 2026, free and clear of encumbrances, with the Avant Gardner Master Lease assumed and assigned to the purchaser. The Second Amended Joint Chapter 11 Plan of Liquidation was confirmed on February 12, 2026, and the notice of effective dateDkt. 722 fixes June 9, 2026 as the effective date, setting a July 9, 2026 bar date for administrative and rejection-damage claims and a July 24, 2026 bar date for professional fee claims; a companion notice of rejected contractsDkt. 723 deems the unassumed leases and executory contracts — including artist performance agreements, ticketing partnerships, and engineering contracts — rejected as of that date.
With the estate in wind-down, the active docket is largely administrative: the Court entered an omnibus order approving the Committee professionals' third interim fee applicationsDkt. 726 on June 17, 2026, and the Plan Administrator cancelled the only remaining June 30, 2026 hearing — as reflected in a notice of adjourned hearingDkt. 727 — because no matters were left to be heard.
