Avant Gardner files for bankruptcy, Brooklyn Mirage won't reopen in 2025

The owners of the massive East Williamsburg music complex Avant Gardner — which includes the currently closed Brooklyn Mirage, one of the largest concert venues in New York City — have filed for bankruptcy.

In a statement on social media, Avant Gardner said its Great Hall and Kings Hall event venues would remain open during the Chapter 11 process. But it said the Brooklyn Mirage, which has remained shuttered for months, won’t reopen this year.

The filing, submitted Monday, seeks relief for several associated LLCs, including the one responsible for the troubled Electric Zoo festival, which hasn’t been held since a debacle of a three-day event in 2023 that saw an abrupt cancellation one day and dangerous overcrowding on another.

The Mirage’s much-publicized May reopening was canceled hours before doors were set to open due to permitting issues. The facility has been expected to reopen with a capacity of more than 6,200, but previously closed to undergo renovations to enhance its sound systems and expand its dance floor.

The company said in the statement only that being unable to open the Brooklyn Mirage for the 2025 season was the culmination of “several months of financial distress.” It said many of the Mirage shows would move to the Great Hall or its other venues for the rest of the year.

Chief Executive Officer Gary Richards told Bloomberg that even shuffling shows to other venues, the company couldn’t avoid a “significant liquidity crisis.” The company’s statement said it expected Richards, who took over two months ago, to stabilize its finances “and bring the Mirage back for 2026” and beyond.

Avant Gardner has liabilities of up to $500 million and assets of no more than $100 million, according to the filing. The bankruptcy filing outlines a plan to borrow up to $45 million to help keep the business running while it goes through bankruptcy, including $20 million to address existing debts.

The company said in its statement it anticipated entering into a “stalking horse” purchase agreement and sell its assets to an entity controlled by its lender, in a court-supervised over-bidding process

Avant Gardner has faced fines and sustained scrutiny over drug use and safety issues in and around its venues, including what the State Liquor Authority previously described as “rampant” drug use and overdose deaths spanning years. In one of those cases, a 23-year-old woman died after buying drugs from someone she messaged on Instagram and met inside the venue, and the incident wasn't initially reported to the regulatory authority.

The company’s owners also own the Electric Zoo festival, which was sued last year by several vendors who said the owners stiffed them for wages and invoices after 2023’s three-day event. That year's festival also saw abrupt cancellation one day and dangerous overcrowding on another. No 2024 event was scheduled.

Avant Gardner owes more than $6 million to various live events companies, including roughly $2.1 million to HEINI, a construction company that has designed and built spaces for Central Park SummerStage and South Street Seaport’s Pier 17, according to the new filing.

It owes $1.87 million to the South African DJ and producer Black Coffee, $843,000 to the ticketing platform DICE, and dozens of others, the filing says.

Juergen “Billy” Bildstein, who co-founded Avant Gardner, owns 100% of the company, according to court filings.

Avant Gardner did not immediately respond to a request for comment.

This story has been updated with more information.