Avant Gardner, LLC, the operator of the popular Brooklyn Mirage venue and its affiliated spaces (The Great Hall, Kings Hall), has filed for Chapter 11 bankruptcy protection in Delaware.
The company cited mounting financial pressures from high operational costs, pandemic-related disruptions, and significant debt obligations. As part of the bankruptcy proceedings, the Delaware Bankruptcy Court has approved bidding procedures for a Section 363 sale of Avant Gardner's assets.
AG Acquisition 1 LLC, an affiliate of the lender, has been approved as the "stalking horse" bidder, with the ability to credit bid $110 million for the assets. This initial bid sets the floor for an auction, where other "qualified bidders" can submit higher offers.
To qualify, bidders must submit a formal purchase agreement with an overbid of at least $350,000 above the stalking horse bid, demonstrate financial capacity, and provide a good faith deposit of at least 10% of the purchase price. The deadline for offer submissions is October 8, 2025, with an auction scheduled for October 15, 2025.
Data sourced from public RSS feeds and News APIs.
