Classic Car Club Manhattan Files for Bankruptcy Protection
(Bloomberg) -- Classic Car Club Manhattan, the private club that let members drive its fleet of luxury vehicles, filed for Chapter 11 bankruptcy on Friday in New York.
Located on the West Side near the Hudson River, the club boasts a fleet of vintage and new luxury vehicles on its website including a 2016 McLaren 570S and a 1967 Porsche 912. Members pay $180 a month and buy points packages that grant them driving days for different types of cars.
The club listed assets and liabilities of up to $50 million each in its petition. A Chapter 11 filing allows a company to continue operating while it works out a plan to repay creditors.
The club was founded in 2005 and moved to the Hudson River’s Pier 76, formerly the site of the New York Police Department’s horse stable, in 2016. It’s known in the automotive industry as a go-to spot for car parties, debuts and networking events.