Adventures Parks Group, LLC, (APG) the parent company of Wild Adventures (near Valdosta, Ga.) and Cypress Gardens (outside of Winterhaven, Fla.), will be sold in a special auction on Sept. 25, in Macon to satisfy the requirements of the group’s 2006 Chapter 11 filing.

The notice of sale was given by the District Court, Middle Division of Georgia, under Federal Rule of Bankruptcy Procedure Rules, and sent to dozens of creditors. Only qualified buyers will be allowed to participate in the sale, which is closed to the public.

Kent Buescher, CEO and president of APG, said in a recent interview, “We have worked with various parties since March to create the best outcome for the estate and balance the needs of the people we serve.”

According to Buescher, the parks will not close, even for a day, during the process, and the employees and guests will be taken care of. “There is no risk that these parks will close. They are worth a lot of money running, but worth very little in pieces,” referring to rumors that the parks will be purchased, closed and the rides, animals, etc., sold off to other entities.

Two entities have already been identified as being interested in purchasing each park, he said. “The agreement establishes a minimum floor, a minimal amount that somebody that is interested in buying a park would have to pay.”

The minimum price for Wild Adventures has been set at $35,850,000, and $17,400,000 for Cypress Gardens. The three consecutive hurricanes that wreaked havoc on Cypress Gardens in 2004 were the catalysts that started the company down the bankruptcy path. The insurance claim remains unresolved and is still in litigation.

The hurricanes hit shortly after APG acquired Cypress Gardens, the 70-year-old attraction in central Florida, while they were in the midst of updating and adding attractions to save the closed park. APG borrowed money from Falcon Partners, LP., in addition to General Electric Capital Corporation, and filed for reorganization under Chapter 11 in September 2006 in order to give the company time to settle the insurance claims. The claims are not settled, and Falcon has blocked several attempts by buyers to purchase the park. The sale on Sept. 25 was ordered by the court to resolve the ongoing issues, and Buescher said the procedure is rigidly determined by law, with no one able to block a sale.

Potential buyers must be pre-qualified to attend the auction sale, and must bring cash or a cashier’s check for 10 percent of the minimum with them. For Wild Adventures, that equates to $3.5 million and for Cypress Gardens, $1.7 million. Buescher said they also must have demonstrated the ability to pay the balance of the funds by Oct. 8. “No more than a handful will show up. This is a real straight-forward process created as part of the bankruptcy code to allow a clean transaction.”

The two potential buyers have first right to bid, and then can counter another offer made. “It’s an official process to make certain that we get the highest possible price.”

Buescher is both a shareholder in the group, along with approximately 40 other individuals and entities, and a creditor, and he is waiting along with everyone else to see what happens as a result of the sale.

“There are still many options for the company. I can’t tell you for certain what’s going to happen, but I expect to have new financial backers. I would like to still be involved in the company, but all is to be determined.

“My job is to take care of our guests,” he said. “We are managing through the process, and are looking forward to the day that both of these parks emerge from these clouds, which will happen in early October, one way or another. Both parks have an extremely bright future.”

Buescher said it’s business as usual and he expects both Wild Adventures and Cypress Gardens to be around for several more generations to enjoy.

Among those listed as creditors in the notice mailed Thursday are the Bill and Melinda Gates Foundation Trust, David and Jane Motley, First State Bank and Trust, the Valdosta-Lowndes Airport Authority, Veolia, Kent and Dawn Buescher, Lowndes County Tax Commissioner, the State of Florida, Georgia Department of Revenue and Williams Investment Company.

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