The money-losing Schlitterbahn water park and resort on North Padre Island could be auctioned off at a foreclosure sale in February if a deal for the property is not reached before then, under an agreement announced Monday in U.S. Bankruptcy Court in San Antonio.
About 270 acres surrounding the park and hotel, however, are slated to be sold at Tuesday’s foreclosure auction in Nueces County.
Austin lender Axys Capital Credit Fund received court approval last week to foreclose on the 270 acres, collateral for about $16 million in loans made to Upper Padre Partners — the development partnership.
See original article at mysanantonio.com.
