Whitewater Amphitheater, a popular outdoor concert venue in New Braunfels, has filed for Chapter 11 bankruptcy protection after its operating company, Kona Coast Venture Ltd., sought relief Tuesday, July 7 in U.S. Bankruptcy Court in San Antonio. The filing obtained by MySA came the same day the venue was scheduled to face a foreclosure sale.
The bankruptcy petition was filed shortly after 10 a.m. Under federal law, Chapter 11 cases typically trigger an automatic stay that can temporarily halt foreclosure and other collection efforts. It was not immediately clear whether the scheduled foreclosure sale had already taken place before the filing was submitted.
Bankruptcy filings list the company’s assets at between $10 million and $50 million, with liabilities estimated between $1 million and $10 million.
In a statement, Whitewater described the filing as a strategic move aimed at strengthening the business while continuing normal operations.
“Today, our companies voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code. This was a strategic decision made to strengthen our financial foundation while allowing Whitewater to continue normal business operations,” the venue said in a statement to MySA.
Whitewater said all scheduled concerts, events and day-to-day operations will continue as planned, adding that employees, artists, sponsors, vendors and guests “can expect business to continue as usual throughout this process.”
Situated along the Guadalupe River, Whitewater Amphitheater has become a premier destination for live music since opening in 2007. With a capacity of 5,600 people, the venue has welcomed major country, rock and Americana artists while drawing thousands of concertgoers each year. according to its website. The venue said the filing is intended to address its financial structure rather than operational performance.
“This filing is about addressing our capital structure—not the strength of our business,” the statement said. “Whitewater has built one of Texas’ premier independent live music venues, and Chapter 11 provides the opportunity to position the company for long-term success while preserving everything that has made Whitewater special.”
The venue recently welcomed Bob Dylan and is still expected to host the Randy Rogers Band, Flatland Cavalry and Dwight Yoakam later this month.
Whitewater closed its statement by thanking its employees, guests, artists, sponsors, vendors and the New Braunfels community for their continued support as the restructuring process moves forward.