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HRP Myrtle Beach Holdings Announces Financial Restructuring Process

MYRTLE BEACH, S.C., Sept. 24 /PRNewswire/ -- HRP Myrtle Beach Holdings, LLC ("HRP Holdings"), the parent company of Hard Rock Park, today announced that it and certain affiliated entities have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. This process will give HRP Holdings the opportunity to restructure its balance sheet and reduce its debt to ensure the future health and sustainability of the company.

"The downturn in overall consumer spending combined with rising fuel costs have had a significant impact on tourism inMyrtle Beach and other markets. Additionally, the frozen credit markets and the unprecedented volatility in the global financial markets has severely limited our ability to line up the planned financial resources needed to execute our summer marketing plan and adequately promote the Park," said Chief Executive Officer Steven Goodwin. "As a result, we have made the strategic decision to utilize the Chapter 11 process to proactively address these issues and provide the Park with the financial resources it requires for future success."

In conjunction with the filing, Hard Rock Park has closed for the remainder of the 2008 season to allow management to focus on the restructuring process. Following the completion of this process, Hard Rock Park intends to re-open for the 2009 season.

Goodwin concluded, "I would like to thank our employees, annual pass holders, visitors, vendors, sponsors and all of the other great people that were essential in making our inaugural season happen. Visitors to Hard Rock Park overwhelmingly compare their experience to the best that major theme parks have to offer and we look forward to continued success as a first class entertainment destination in the years to come."

About HRP Myrtle Beach Holdings, LLC:

HRP Myrtle Beach Operations, LLC, a wholly-owned subsidiary of HRP Holdings, owns and operates Hard Rock Park, a rock-n-roll theme park inMyrtle Beach, South Carolina, under a long term license agreement with Hard Rock Cafe International (USA), Inc.

    CONTACT:  
    Weber Shandwick
    Jim Olecki
    212-445-8052

Note Regarding Forward-Looking Statements:

This press release may contain forward-looking statements by the company that are not based on historical fact, including, without limitation, statements containing the words "may," "will," "should," "would," "could," "believe," "expect," "anticipate," "estimate," "intend," "plan," "continue," or the negative of these terms or other comparable terminology. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause our or our industry's actual results, levels of activity, performance or achievements or events or other developments to differ materially from those expressed or implied by these forward-looking statements. Such factors include those risks described from time to time in our Annual Reports and Quarterly Reports posted on our website, including, without limitation, the risks described in our most recent Quarterly Report for the quarterly period ended June 30, 2008. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, and we undertake no duty to update this information.

SOURCE HRP Myrtle Beach Holdings, LLC