YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Gillioz owner settles with Guaranty Bank

Posted online
The Springfield Landmarks Preservation Trust and Netters-Gillioz LP have reached a settlement agreement with Guaranty Bank to gradually pay the notes for the Gillioz Theatre and the adjacent Netters Building.

The Springfield Landmarks Preservation Trust owns the titles to the buildings, while Netters-Gillioz LP manages the theater and the Netters Building.

The settlement - which was agreed upon by by the trust, secured creditor Guaranty Bank and unsecured creditors - restructures the trust's loan payment to a month-by-month 25-year payout, said Springfield Landmarks Preservation Trust President Dave Roling.

He said the trust and Guaranty agreed on a new payment amount based on appraisals performed by the trust and the bank determining the worth of the two buildings.

Roling declined to disclose the amount now owed to the bank. He noted the settlement is pending with a Kansas City bankruptcy judge and would likely be approved this week.

The Springfield Landmarks Preservation Trust filed for Chapter 11 bankruptcy protection for the Gillioz Theatre and the Netters Building in early January to ward off foreclosure brought about by a $3.5 million loan amount owed to Guaranty. Through its Save the Gillioz fund, the trust managed to raise roughly $180,000 in community donations and had an unnamed donor pledge $1 million, but Guaranty did not accept the combined amount, according to Springfield Business Journal archives.

Roling said that during the reorganization period, the Gillioz Theatre, managed by Michael Owens, has made a comeback with shows such as comedians Ralphie May and Gabriel Iglesias and rock artists Third Eye Blind and Aaron Lewis of Staind.

"We're very proud of Michael Owens, who has really done a fantastic job in terms of the number of entertainment programming events," Roling said. "We'll be able to make (the Guaranty) payment with Gillioz increases and rent at the Netters Building."

Gillioz Theatre's upcoming events include a Lyle Lovett and John Hiatt concert on June 23, a James River Band concert on July 2 and a Gavin DeGraw concert on July 17.[[In-content Ad]]

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
From the Ground Up: Sho-Me Fabrication LLC

Located in Partnership Industrial Center West, across the street from Vital Farms Inc. and Tank Components LLC, the new Sho-Me Fabrication building will include roughly 4,000 square feet of offices with more than 15,000 square feet of fabrication shop space, according to project officials.

Most Read
Update cookies preferences