Art Film Foundation filed for bankruptcy Tuesday
The Art Theater is located in Champaign and officially closed its doors Nov. 1. The Art Film Foundation filed for bankruptcy on Tuesday.
November 9, 2019
Following the closing of The Art Theater, many have been skeptical as to the Art Film Foundation’s financial status.
The Foundation officially filed for Chapter 7 bankruptcy earlier this week, just a few days before Nov. 12, when the rent was to be due.
The Foundation’s bank accounts and other assets are currently frozen, and due to the bankruptcy, their lease with building owner, David Kraft, is not yet able to be terminated. There can be no further financial action until the court-appointed trustee approves.
There is still no explanation from the Foundation as to the whereabouts of the $25,000 dollars raised in donation earlier this year.
Until court authorization, the theater remains closed while Kraft is searching for someone new to take over.
