« Ousted Beacon board members consider legal action | Today | Update: 3 rescued off Misquamicut treated, released »

April 21, 2006

Updated: Castle Cinema auction canceled

PROVIDENCE -- An auction planned this morning for Chalkstone Avenue's Castle Cinema has been canceled.

The restaurant and neighborhood cinema was scheduled for a foreclosure auction at 10 a.m., after its owners, New Concept Entertainment, failed to get the theater up and running since assuming ownership in January.

The auction company, Irving Schechtman & Co., confirmed this morning that the auction has been "completely canceled, not postponed."

The proceedings were canceled because New Concept Entertainment filed for Chapter 7 bankruptcy protection yesterday. By federal law, the filing automatically halts foreclosure auctions, pending a review of the company's assets and liabilities by a judge.

Posted by Steve Peoples  at 2:23 PM | Permalink

Comments

Post a comment

Please be civil. Vicious comments, personal attacks and profanity won't be published. Name and email are required; email address will not publish.

Name:

Email Address:

URL:
Remember Me? YesNo

Comments: (you may use HTML tags for style)