The Gillioz Theatre will not be sold Friday - Bankruptcy buys time

SPRINGFIELD, Mo. -- The Gillioz Theatre will not be sold on the courthouse steps Friday.  The non-profit board that operates it has just filed for bankruptcy protection. That's known as Chapter Eleven.
                
The board's president says Guaranty Bank turned down its offer today to buy the theatre, and the price the bank wanted was not affordable. Dollar amounts were not released.

This week's community appeal to raise half a million dollars to catch up on interest and penalties apparently fell short. The Board's lawyer says filing for Chapter eleven will buy more time to re-arrange the historic landmark's debt load.