JONESBORO — A judge has approved a plan that requires the Craighead County Fair Association to liquidate remaining properties at old and new fairgrounds.
The fair association filed for Chapter 11 bankruptcy protection last year after construction of the new fairgrounds left it in debt.
Focus Bank is owed more than $6.2 million by the fair association, and its lawyers drafted a plan in March that would force the association to sell properties to pay back the bank and several contractors.
The Jonesboro Sun reported that U.S. Bankruptcy Judge Phyllis M. Jones approved Focus Bank's liquidation plan on Thursday.
The fair association's bankruptcy attorney said the ruling won't be appealed. The ruling leaves the future of a Jonesboro fair uncertain.