DOSWELL, Va. (AP) -- The not-for-profit that operates the State Fair of Virginia has filed for protection from its creditors.

SFVA President and CEO Curry A. Roberts said the Chapter 11 filing on Thursday was necessary because its financial portfolio had taken a big hit in the stock market's plunge in 2009. The portfolio was used to secure a bank loan and the corporation could not continue paying the loan's interest and principal.

Roberts said the bankruptcy filing is a 'one-time financial event' and the 157-year-old fair will continue normal operations during the financial reorganization.

Despite the court filing, Roberts said attendance at the fair this year saw a 32 percent increase in paid attendance over 2010.

The fair moved to a 348-acre site in Doswell from its former home in Richmond in 2009.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

Read or Share this story: