Deadline looms for State Fair of Virginia

Posted at 7:47 AM, Mar 07, 2012
and last updated 2012-03-07 08:15:09-05

RICHMOND, Va. (WTVR) – The State Fair of Virginia has until 5 p.m. today to submit a plan to reorganize its finances to a federal bankruptcy court. If it fails to come up with a plan many of organization’s assets, including the Meadow Event Park, could be turned over to its creditors.

[VIDEO VAULT: Click to watch ‘Controversial’ state fair mule dive from Sept. 1988]

In December, the non-profit organization filed for Chapter 11 bankruptcy protection, trying to reorganize and restructure its debt. In a press release, the organization’s leadership stated that the filing was needed because its financial reserves took a huge hit during the stock market drop of 2009.

The State Fair of Virginia has been operating for 157 years and organizers said in December that they expected the fair to continue this year, and other planned events to take place at Meadow Event Park in Caroline County.

SFVA, Inc. also operates the Strawberry Hill Races, founded in 1895, and the Meadow Highland Games & Celtic Festival founded in 1995.

This is a story we expect to develop throughout the day. Stay with CBS 6 for the latest information.