RICHMOND, VA (WWBT) - Time is running out as the State Fair of Virginia works to reorganize after filing for bankruptcy last year.
Now, the future of the state fair is in jeopardy if nothing happens soon.
The State Fair of Virginia has until March 7 to either come up with new financing to maintain operations for a year or submit a way to keep the Meadow Event Park.
Executives with the state fair filed for Chapter 11 Bankruptcy back in December, calling it a necessity to reorganize and get things back together.
That's just two months after the fair saw a huge increase in attendance.
Leaders say the culprit here is the stock market. The State Fair put a lot of money into a portfolio back in 2007. Then the market tanked and so too did those funds.
The fair's attorney tells the Times-Dispatch that the fair expects to meet its March 7 deadline. If it doesn't, a group of lenders could take over Meadow Event Park in Caroline County.
There's even a possibility there would be no state fair in the fall.