The Art Theater reschedules bankruptcy hearing
The Art Theater’s sign reads “closed” in downtown Champaign. The theater officially closed in October after the Art Film Foundation filed for bankruptcy. The bankruptcy hearings started Thursday.
December 9, 2019
As The Art Theater officially closed in October, the legal battle will continue throughout the end of the year.
Since the Art Film Foundation filed for bankruptcy in early November, the hearing was scheduled originally for Wednesday. However, it’s since been rescheduled for Dec. 19.
The space for The Art Theater was being rented through the building owner David Kraft since 2017; he was charging about $5,000 per month. Once Chapter 7 bankruptcy was filed, the foundation had five days to pay rent.
In February, the foundation held a fundraiser to save the theater. It raised $25,000 in 25 days.
The foundation has only released a statement since the announcement. In the letter, it stated the film industry is changing, which would create “systematic challenges” for the theater, and the money raised in February was a “point of developing a long-term plan for true sustainability.”
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The foundation has not since released a statement.
