The Rose Garden Arena is home to Allen's NBA team the Portland Trailblazers. The move is an attempt by OAC to lower its payments on the estimated $155 million in bond debt it incurred to build the arena, which was completed in 1995. According to published reports, the bonds OAC sold to fund construction, which are held by TIAA-CREF and an affiliate of Prudential, carry and interest rate of about 9% and cannot be refinanced.

In the documents filed in U.S. Bankruptcy Court in Portland, OAC estimates the value of its assets are between $10 million and $50 while its debt is upward of $100 million. Its creditors number between 50 and 99, according to the filing.

"Our plan is to emerge from this process a healthy and vibrant organization," says Oregon Arena Corporation president Steve Patterson. "Our current payments are nearly two and a half times what other comparable single tenant buildings in the country pay. A successful resolution will allow this company to restructure our debt in a more manageable way."