Socionomics Watch

New York’s Tavern on the Green Files for Bankruptcy
The bankrupt partnership listed assets and debts of as much as $50 million each in a filing yesterday in U.S. Bankruptcy Court in Manhattan, with more than 200 creditors. It said it probably won’t have enough to pay unsecured creditors, after deducting expenses and exempt property.

Financial Crisis

“The filing was the result of two factors -- the extreme financial distress brought on by the current financial crisis and the City of New York’s decision not to renew our lease,” Tavern on the Green Chief Executive Officer Jennifer Oz LeRoy said in a statement.

The restaurant will continue to operate during the reorganization, she said. Discussions between Poll and LeRoy representatives include ways to keep operating after Poll takes over on Jan. 1 and begins to renovate, said Shelley Clark, a spokeswoman for Jennifer LeRoy.

“We’re working out those things,” she said.
It's been awhile since we had a high profile bankruptcy and this one will echo.

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