February 07, 2012
As legal fees
mount, and the Town Toyota Center arena continues to be unable to turn a profit, the PFD’s finances are
faltering, bringing closer the possibility of bankruptcy.
The Greater Wenatchee Regional
Events Center Public Facilities District board on Thursdsay agreed to interview two law firms — one from
Florida and one from the Northwest — to possibly retain for legal advise in case it has to file bankruptcy
as a result of the arena’s outstanding $42 million debt.
The PFD’s attorney,
Pete Fraley, said the board may have to pursue bankruptcy if local jurisdictions cannot find a way to pay off the
debt, which went into default on Dec. 1.
Isaac Kaplan-Woolner reached Fraley by phone to
get an update on the PUD’s finances and the latest on the Town Toyota Center’s defaulted debt.