MEMPHIS, Tenn. (AP) - A federal bankruptcy judge has ruled that the city of Memphis can take over the Beale Street Entertainment District from Performa Entertainment Real Estate Inc.
The city owns the entertainment district and Beale Street Development Corp. holds the lease. But that company has sublet management to Performa since 1982.
After Performa filed for bankruptcy, it agreed in 2010 to assign its lease to the city. The Beale Street Development Corp. opposed the settlement.
The Commercial Appeal reported U.S. Bankruptcy Judge Jennie Latta on Tuesday ruled in favor of the arrangement.
If Latta then approves the overall settlement, Performa would hand over the day-to-day management of the four-block strip of music clubs, restaurants and shops.
Mayor A C Wharton has appointed a panel to explore the street's future management.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
