Rose Garden Arena Bankruptcy
The Rose Garden bankruptcy occurred in 2004 when the Rose Garden in Portland, Oregon was the subject and primary asset in a bankruptcy filing, shifting ownership of the arena from billionaire Paul Allen to a consortium of creditors.
Allen, who owns the arena's primary tenant, the Portland Trail Blazers of the NBA, financed the arena's construction in 1993 with a US $155 million loan on what Allen's representatives later characterized as unfavorable terms.
As a result of the bankruptcy, the Rose Garden was operated by its creditors for over two years, during which Allen and the creditors briefly offered the team and its arena for sale. After receiving bids from several investor groups, Allen took the team off the market. By April 2007 the Rose Garden was once again owned by Allen.
Read more about Rose Garden Arena Bankruptcy: Background, Bankruptcy Filing, Effects, Public Reaction, Paul Allen Re-acquires The Arena
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