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Wednesday, March 7, 2012

State Fair of Virginia - official statement

March 7, 2012 official statement

Unfortunately, the State Fair of Virginia (a non-profit organization not affiliated with the Commonwealth of Virginia) has been unable to obtain sufficient financing to sustain its business operations for fiscal year 2012 on a profitable basis or to purchase the remaining collateral as set forth in an Order entered earlier in the SFVA’s bankruptcy case. Based on the Court Order, which was agreed to by the Fair, the lender group will take possession of the real estate and remaining personal property on March 7.

If the bondholders are awarded the funds held for scholarships, the lender group will use its best efforts to determine the details of each recipient’s current award in order to set up a scholarship fund and administer those funds to the youth who would otherwise have been negatively impacted by The State Fair of Virginia’s failure.

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