In The News: Court Approves Spartans’ Bankruptcy Plan

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A federal court has accepted the Nashua Spartans Drum & Bugle Corps’ bankruptcy plan to pay debts and reorganize for a possible return to the city next year.

The corps has not performed this year, as the organization owed more than $200,000 to creditors – an amount that did not include a lapsed $849,000 mortgage on the outfit’s longtime home at 73 E. Hollis St.

But as part of the Chapter 11 plan, which was accepted Aug. 13 in U.S. Bankruptcy Court in Manchester, money remaining from the recent $915,000 sale of Spartans Hall will help the corps get out of the red.

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Posted by on Thursday, August 20th, 2009. Filed under DCI Open.