You might have heard that the Craighead County Fair Association was seeking bankruptcy protection, but did you know it filed for Chapter 11 reorganization on Oct. 13?
The fair, which calls itself the Northeast Arkansas District Fair, will list close to $10 million in debts, according to its bankruptcy attorney, James Dowden of Little Rock.
Its initial filing shows it has assets of between $10 million and $50 million, but a more detailed report is due on Oct. 27.
The financial merry-go-round for the fair is tied to building new digs in 2012 on 80 acres in the northeast corner of Jonesboro. Some of the features of the new space included an 80,000-SF heated and cooled exposition hall and two livestock arenas. It moved from a 39-acre spot on Stadium Boulevard.
There were cost overruns, although Dowden didn’t have the exact figures handy.
Dowden said approximately $6.2 million is owed to Focus Bank of Charleston, Missouri, and another $3.3 million is owed mainly to vendors and suppliers for work on the new location.
Dowden said the reorganization plan will include selling the remaining 15 acres at the old fairgrounds and using that money to pay down the debt. The balance then will be refinanced.
The acting president of the fair association, Michael Cureton, didn’t immediately return a call for comment.