TERRE HAUTE — The Ballyhoo Tavern at 900 Chestnut St. is undergoing a reorganization, a company official said Tuesday.
The longtime Terre Haute business has filed for Chapter 11 reorganization in federal court in Indianapolis, according to court documents. The move is unrelated to the tavern’s management or the economy, said Dave Braser, who has owned the business near the Indiana State University campus for approximately 30 years.
“The business is fine. We’ve got a lot of good people. … This should all be resolved within a month,” Braser said. The need for reorganization emerged because of the actions of an “outside vendor,” not from inside the business, he said.
The Chapter 11 papers were filed Nov. 4 in federal court in Indianapolis. Chapter 11 means a debtor is restructuring his debts while keeping his property and earning an income. The debts are usually paid in three to five years, according to the federal government’s U.S. Courts Web site.
“I can assure you the business is doing fine,” Braser said. “In 30 days, this should all be resolved.”
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Ballyhoo Tavern files for Chapter 11 reorganization
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