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The popular Northeast Side honky-tonk Cowboys Dancehall could remain open under a deal struck with its primary lender.
A lawyer for owners Cowboys Far West said they found new financing that will allow them to pay off the club’s $4.3 million mortgage loan and legal fees owed to Business Property Lending. The dancehall landed in banrkuptcy after Business Property Lending started foreclosure proceedings on the 16.6 acre property in June after the owners fell behind on taxes and failed to pay a state fine for liquor Kolaybet violations. Cowboys has about two weeks to turn over the funds.
Lawyer Samuel Wilkins said the owners, a group in Arlington, found a new lender in Oklahoma, but he didn’t know the name off-hand.
If Cowboys doesn’t turn over the money, it will face liquidation under a plan previously approved by Chief U.S. Bankruptcy Judge Ronald King.
Click here for the full story on ExpressNews.com or read Wednesday’s edition of the Express-News.
jfechter@express-news.net
Twitter: @JFreports
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