XP Events, which runs merchandise concessions at sports venues and special events, has filed for Chapter 11 bankruptcy protection. The Denver-based company – formally known as XP Entertainment LLP – said the filing will not affect its contract to run retail concessions at the 2010 Olympic Winter Games in Vancouver, Canada.
The company lists 20 unsecured creditors owed a total of at least $23 million in its Sept. 30 bankrupty filing with the U.S. Bankruptcy Court in Denver. They include Bank of America, owed $1.5 million; the Arizona Diamondbacks, $397,880; the Charlotte Bobcats and its facility, Time Warner Cable Arena, $391,114; and New Era Cap Co., $256,000.
Tripp Wall, Events chairman, said the filing does not affect the 2010 Olympics deal because that contract is held by a separate entity called XP Canada, an affiliate whose primary lender is the Royal Bank of Canada.
XP Events was forced to file for Chapter 11 after Bank of America declined to extend a line of credit with the company.
XP Events, founded in 2005, specializes in retail and merchandising services for sports groups and other special events worldwide. It handled on-site merchandise sales at this year’s NBA All-Star Game in Phoenix.
