LAS VEGAS (KLAS) — The Las Vegas Monorail Company has filed for Chapter 11 bankruptcy. The company made the announcement Monday, saying it’s doing it as a voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Nevada.
The company’s Board of Directors authorized the filing. The following statement was released.
“The Las Vegas Monorail has served a critical mobility need in the resort corridor for over 16 years, carrying over 85 million riders during that time. Like many other companies, we were forced to shut down on March 18 due to the COVID-19 pandemic and are not yet able to reopen,” said Curtis Myles, president & chief executive officer. “As a result, it is in the Las Vegas Monorail company’s best interest to file for bankruptcy and effectuate a sale of the system assets to a party who intends to keep the system in operation and help ensure that the mobility benefits the Monorail provides continue during conventions, events and throughout the year.”
8 News NOW first told you that the Las Vegas Monorail entered into a sales agreement with the Las Vegas Convention and Visitors Authority, which the Monorail will submit to the bankruptcy court under an auction sale. Other qualified bidders are also allowed to participate.