Avant Gardner Lender Approved to Purchase Brooklyn Mirage & Other Assets

Although it has been an intense journey, there is perhaps hope for the Brooklyn Mirage venue to recover from its fall from grace. After Avant Gardner filed for bankruptcy two months ago, its lender, Axar Capital Management, gained approval from Judge Mary F. Walrath of the Bankruptcy Court to take control over most of Avant Gardner’s assets. For approximately $110 million, the firm would also get access to the Brooklyn Mirage Stage, which, after tons of issues and lack of building and safety permits, canceled its entire 2025 Summer Season.

Axar Capital Deal

During a Bankruptcy Hearing earlier this week, Axae Capital Management gained the approval to buy off most of the Avant Gardner’s assets, including the Brooklyn Mirage. Moreover, the firm stated they already have plans for construction and/or demolition to prepare for the 2026 season.

Nonetheless, the Avant Gardner had already filed demolition permits earlier this month. As many people were afraid the venue would completely shut down, this might be a positive indicator that the venue will actually reopen. For further context, Axar Capital first lent the venue $45 million so that it could remain active through the other stages including Great Hall and Kings Hall. However, fully assuming ownership of the venue means that the lender will now be liable for court fees, priority claims like rent, unpaid lawyers, and taxes.

The entire legal bankruptcy process revealed a deeper issue within the company that runs the Brooklyn Mirage. From unhappy creditors, private equity firms, and a full-blown financial collapse that will take years to recover. Axar Capital spent months in the U.S. Bankruptcy Court for the District of Delaware negotiating payment plans and confirming amounts with said parties.

A Ray of Hope

“Axar went from what we consider to be a considerable foe to frankly a friend…”

Lawyer Mark Franke, representing several creditors

Yes, the owed debt ranges from $1000+ for a comedy show, to $1.87 million for South African DJ Black Coffee, but the Judge overseeing the case ultimately approved the purchase, giving the venue another chance at redemption. This potential opportunity would allow the venue to rebuild its trust with creditors, lenders, artists, and their teams. (Source)