"The Brooklyn Mirage will reopen as Pacha New York in June after the club's new owner struck a deal with creditors that clears the way for a bankruptcy plan to move forward. Pacha Group owner Five Holdings will operate the Brooklyn Mirage under a long-term agreement with distressed debt fund Axar Capital Management LLC, according to a Tuesday announcement."
"An Axar affiliate was approved last year to purchase the venue. Andrew Axelrod, CEO of Axar Capital, said the proposed deal with unsecured creditors of former Brooklyn Mirage owner Avant Gardner will resolve all of their material issues with the company's ..."
The Brooklyn Mirage will reopen as Pacha New York in June following a deal between the club's new owner and creditors that clears the way for a bankruptcy plan to move forward. Pacha Group owner Five Holdings will operate the venue under a long-term agreement with distressed-debt fund Axar Capital Management LLC. An Axar affiliate received approval last year to purchase the venue. Andrew Axelrod, CEO of Axar Capital, said the proposed deal with unsecured creditors of former Brooklyn Mirage owner Avant Gardner will resolve all of their material issues. The arrangement formalizes operational control while aiming to settle outstanding creditor claims and enable the venue's relaunch under the Pacha brand.
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