St. Peter theater in danger of closing
ST. PETER, MN — The St. Peter 5 has filed for Chapter 7 bankruptcy and the action may mean doom for the struggling theater, which opened in 2006. Currently operated by CineMagic (which has financial troubles of its own), the theater is in default on two loans.
“We’ll caucus with Nicollet County Bank, which holds the first mortgage, to come up with a plan to protect the assets of the city,” Wille said. “The big question is, ‘Is this going to be a viable business concern going forward?’ ”
Potential options for the theater’s fate include having the bank sell the property to a third party or having the city obtain ownership of real estate assets by paying off the theater note of $432,000 and leasing theater operations or selling the business.
There is more in the Mankato Free Press.