Filing Alert: Balcon Salon Operator Files Chapter 11
Balcon Salon Operator Files Chapter 11 in Southern District of New York
Update (Oct. 31, 2025): A comprehensive case summary is now available for the Chapter 11 bankruptcy filing of Trask Radio LLC and Advanced Aerospace LLC (dba Balcon Salon).
Trask Radio LLC and Advanced Aerospace LLC (dba Balcon Salon), the New York-based operators of the Balcon Salon bar in Hell’s Kitchen, filed for Chapter 11 protection on Oct. 31 in the U.S. Bankruptcy Court for the Southern District of New York.
The filing aims to halt a foreclosure action and a pending receivership motion initiated by senior secured lender Newtek Business Services Holdco 6, Inc. related to its ~$7.1 million first-priority mortgage. The dispute stems from the debtors' inability to continue servicing debt beginning in December 2024, following costly construction delays and lower-than-projected revenue.
The company reports $8.8 million in assets and $12.1 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-12431.
Key Parties
Counsel:
- Ilana Volkov
McGrail & Bensinger LLP
Email: ivolkov@mcgrailbensinger.com
Financial Advisor:
- CFGI, LLC
Signatories:
- Eric L. Einstein – Member
Equity Security Holders:
- Eric L. Einstein – 51% of Membership Interests
- Justin B. Buchanan – 49% of Membership Interests
Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.
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