SPEEDVEGAS will remain in operation as it files for bankruptcy

LAS VEGAS (KTNV) - SPEEDVEGAS has filed for chapter 11 bankruptcy, according to documents from the U.S. bankruptcy court in Delaware.

The process began in August this year. Chapter 11 bankruptcy allows businesses to reorganize their debts and assets.

SPEEDVEGAS allows guests to drive sports cars around a custom race track. A deadly crash at the venue killed a driver and an instructor earlier this year.

A representative from SPEEDVEGAS released the following statement:

We’ve decided to move forward with a voluntary Chapter 11 case, and have negotiated financing to ensure that the company can operate without interruption during this process.  This last quarter was our strongest since the opening of the track, and we intend to use the coming months to continue the restructure and growth. We’ll emerge stronger, and will continue to be one of Las Vegas’ premier event venues and attractions.

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