The company behind the proposed $75 million Sport Resort in Portage has filed for Chapter 11 bankruptcy protection. Our partners at The Times of Northwest Indiana report Catalyst Lifestyles Sport Resort LLC’s voluntary petition in the U.S. Bankruptcy Court for the Northern District of Indiana means the move by the city to foreclose on the project is now on hold.
Managing Director Tony Czapla says Chapter 11 reorganization is "in the best interest of the company" as it continues to work toward "the successful completion of the development."
The publication says investor Thomas Thomae had filed for dissolution of the company several months ago and the bankruptcy filing could delay other legal maneuvers like Thomae’s.
The Times reports the company has $17 million in assets and $6.6 million in liabilities related to the 170-acre project.
A hearing is scheduled for November 13 in Porter Circuit Court.