Posted on Friday, February 24th, 2012 at 8:33 pm
Five months after filing for Chapter 11 bankruptcy, the U.S. National Slavery Museum has submitted its bankruptcy exit plan to the U.S. Bankruptcy Court in Richmond.
The U.S. National Slavery Museum, created by former Virgina Governor L. Douglas Wilder, filed for Chapter 11 protection to prevent the city of Richmond from selling its 38 acres of land to satisfy the museum’s real-estate debts.
In its reorganization plan, the museum claims it will use donations to continue operating. It expects to raise $900,000 in a year, with more expected in the years to come. The museum fell into debt due to the construction of the museum, real-estate taxes, and other tax bills.
If you would like to learn more about Chapter 11 bankruptcy protection, contact the Chapter 11 bankruptcy lawyers of the Russell Van Beustring P.C. at 713-973-6650 today.