Avant Gardner, the company behind the Brooklyn Mirage, has filed for Chapter 11 bankruptcy, after the music venue failed to open.

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

Avant Gardner has filed for bankruptcy after “several months of financial distress,” culminating with the failed reopening of the new Brooklyn Mirage.