STATE FAIR OF VIRGINIA FILES FOR CHAPTER 7 BANKRUPTCY

SFVA Inc., the not-for-profit organization that produces the State Fair of Virginia, and other event including the NSA sanctioned Strawberry Hill Races at Colonial Downs, has converted it’s Chapter 11 bankruptcy protection to a Chapter 7 bankruptcy liquidation in Richmond District  Court.

As a result of this action, there will be no further events produced by SFVA Inc., including the Strawberry Hill Races, the State Fair of Virginia and the Meadow Highland Games & Celtic Festival. Additionally the privately scheduled events at The Meadow Event Park will not be able to take place. 
The fate of the Virginia Musuem of the Horse seems to also be in serious jeopardy since it is housed at the Meadow Event Park as well.

SFVA management made a proposed resolution to emerge from bankruptcy which included purchasing the 360-acre Meadow Farm where Virginia-bred Triple Crown winner Secretariat was born and where the Meadow Event Park is now located. On March 5, the lender group rejected the offer and refused requests to produce a counter-offer.

Since 1989, the State Fair of Virginia Scholarship Program has awarded 2,439 scholarships and has dedicated over $1.8 million to youth education.  According to  SFVA press release, these funds will, under the guidance of a bankruptcy court-appointed trustee, be sent to Virginia Tech’s foundation for administration and distribution.

SFVA’s scholarship funds were managed separately from the investment portfolio used as collateral to secure the loan to develop The Meadow Event Park.   
   
The lender group opposed providing severance packages to the remaining 17 SFVA staff members, and as of today, all SFVA staff have been removed from payroll and benefit plans.  

SFVA Inc. requested the creditors release the rights to the State Fair of Virginia, Meadow Highland Games & Celtic Festival and Strawberry Hill Races. The fate of these events and the property will be determined by the Chapter 7 process and ultimately up to the court-appointed trustee.