Case Summary: Avant Gardner Chapter 11

Business Description

Headquartered in Brooklyn, NY, Avant Gardner, LLC, along with its Debtor affiliates⁽¹⁾ (collectively, "Avant Gardner" or the "Company"), operates an 80,000 square-foot indoor/outdoor entertainment complex, recognized as one of New York City’s largest nightlife destinations. The Company has established a strong brand and loyal following within the electronic dance music (EDM) community, regularly featuring world-class DJs and touring artists.

• The property comprises three distinct, integrated venues that can host events independently or simultaneously:
  • The Brooklyn Mirage: An iconic open-air venue known for its immersive production, massive LED walls, and panoramic views of the Manhattan skyline, operating seasonally from May to October.
  • The Great Hall: A year-round, industrial-chic indoor space with a capacity of approximately 2,800.
  • Kings Hall: An intimate indoor club with a capacity of approximately 540, also operating year-round.

Avant Gardner’s diversified business model extends beyond traditional concerts to include festival promotion, nightlife hospitality, and corporate and private event hosting. Ancillary revenue is generated through VIP table service, food and beverage concessions, and merchandise sales.

Avant Gardner, LLC and its five affiliates filed for Chapter 11 protection on August 4, 2025 (the "Petition Date"), in the U.S. Bankruptcy Court for the District of Delaware, reporting $50 million to $100 million in assets and $100 million to $500 million in liabilities.

⁽¹⁾ For a complete list of debtor entities, see the organizational structure chart below.

Corporate History

Avant Gardner was co-founded by Jürgen “Billy” Bildstein in 2017 with the official opening of the Brooklyn Mirage as a permanent venue, following a prior pop-up concept. The Company expanded its footprint in 2018–2019 by adding the adjacent Great Hall and Kings Hall, enabling year-round programming and establishing its reputation as a nightlife powerhouse known for cutting-edge production.

Expansion and Operational Challenges

• After a complete shutdown due to the COVID-19 pandemic from March 2020 to mid-2021, the Company reopened to significant pent-up demand.
• In May 2022, Avant Gardner acquired EZ Festivals LLC and Made Event LLC, the owners of Electric Zoo, New York's largest annual EDM festival, in a deal reportedly worth $15 million. That same year, the Brooklyn Mirage underwent significant technological upgrades, including the installation of a massive high-resolution LED video wall.
• The Company’s first full post-acquisition run of the Electric Zoo festival in 2023 was marred by significant operational failures, including overcrowding and last-minute cancellations. These issues resulted in a public relations crisis, multiple lawsuits from attendees and vendors, and allegations from the NYPD that the event was oversold by approximately 7,000 tickets.
• During this period, the Company also faced increased scrutiny from local authorities over safety incidents at its venues, including drug-related medical emergencies.

Leadership and Governance Changes

• In response to these challenges, Josh Wyatt was hired as the Company's first-ever CEO in October 2024 to professionalize operations and rehabilitate the brand. Concurrently, the Company launched a large-scale renovation of the Brooklyn Mirage in early 2025.
• As part of lender-agreed governance changes, the board was expanded in mid-2024 to include two independent members: veteran EDM promoter Gary Richards and Hooman Yazhari.
• Following significant delays and permitting issues with the 2025 renovation, CEO Josh Wyatt was fired on May 22, 2025. Gary Richards, then non-executive board chairman, stepped in as interim CEO.
• In July 2025, as restructuring discussions advanced, the board formed an independent Restructuring Committee, headed by Hooman Yazhari, to oversee strategic alternatives. Upon the Chapter 11 filing, Richards formally assumed the CEO role to lead the Company through its reorganization.

Corporate Organizational Structure

Operations Overview

Avant Gardner’s operations are centered around its versatile, three-venue complex, which allows for tremendous programming flexibility. The integrated campus can accommodate over 8,000 patrons simultaneously, making it the second-largest entertainment venue in Brooklyn after the Barclays Center.

Venue Details and Programming

• The Brooklyn Mirage: The seasonal, open-air flagship venue has a pre-renovation capacity of approximately 5,300, with potential expansion to 6,200. It features a modular roof and staging to accommodate large-scale productions.
• The Great Hall: A converted warehouse with a capacity of approximately 2,800, featuring a large main floor and a mezzanine level added in 2023.
• The Kings Hall: A smaller club room with a subterranean feel, accommodating roughly 500-540 guests.
• During its May-October high season, the Brooklyn Mirage is typically programmed several nights per week, while the indoor halls facilitate year-round events, ensuring the property remains active and generates revenue during the off-season.

Technology and Workforce

• The Company prides itself on cutting-edge production, investing heavily in technology such as the 200-foot video wall at the Mirage and a planned 2025 redesign featuring kinetic LED "shutters" and immersive 360° audio.
• As of the Petition Date, Avant Gardner employs approximately 465 workers, with a small core of 15 full-time salaried employees and a large contingent of ~450 hourly event staff, including bartenders, security, and technical crew.
• The operational strategy focuses on high-volume event nights supported by robust ancillary revenue streams, including upscale VIP table service, a cashless payment system, and membership programs designed to enhance customer loyalty.

Prepetition Obligations

Top Unsecured Claims

Events Leading to Bankruptcy