After years of struggle, management of Schlitterbahn Corpus Christi hope things will finally stabilize.
The property faced myriad difficulties from its beginnings. Its opening was delayed in part because of difficulties that subcontractors experienced collecting from the national waterpark firm. Several contractors and at least one subcontractor, Texas Descon, filed liens against the firm to collect more than $200,000.
Most recently, the property filed Chapter 11 bankruptcy after when Schlitterbahn was unable to pay IBC Bank on its $16 million loan. The financial institution then purchased the waterpark for $20 million as it went to auction.
Schlitterbahn has announced that the park will remain open, and that Schlitterbahn will continue to manage the property.Read More