Avant Gardner filed for bankruptcy in Delaware on Monday, blaming construction delays and permit troubles at its flagship Brooklyn Mirage venue that derailed its 2025 season and left the company drowning in debt.
The electronic dance music powerhouse, founded in 2017, disclosed $155.3 million in funded debt and announced plans for a Chapter 11 auction of its assets. Its lenders have agreed to back the restructuring with a $45.8 million debtor-in-possession loan and are negotiating to serve as a stalking horse bidder.
CEO Destructo: “Most Viable Path Forward”
CEO Gary Richards, also known on stage as EDM DJ Destructo, said bankruptcy is the only realistic path to stabilize the business after Mirage renovations stalled.
“This Chapter 11 restructuring will allow us to reset, protect our assets, and build for the future,” Richards said in a statement.
The Mirage, which can host 5,300 guests, was slated to reopen in May with new technology and structures. Instead, the New York City Department of Buildings pulled a temporary operating permit in late April, leaving the summer concert season canceled and thousands of prepaid tickets stranded.
