CHAMPAIGN, Ill. (WCIA) — The deadline for the Art Film Foundation to pay rent to the landlord of the Art Theater to cure their 10-day notice of default was Tuesday.
The Art Theater closed last month. The foundation has not paid rent because it filed for bankruptcy last week. The foundation’s lawyer says that means they cannot make any transactions unless it goes through their court-appointed trustee.
The landlord says failure to pay rent means he could take control of the theater’s assets, but the foundation’s lawyer says that’s not true. Everything is on hold in the meantime and the landlord says he cannot get a new tenant to re-open the theater until the foundation gives up ownership.