Brooklyn Tavern P.J. Hanley's Files for Chapter 11

By Nikhita Venugopal on February 26, 2013 9:02am 

 P.J. Hanley's at 449 Court St., in Cobble Hill.
P.J. Hanley's at 449 Court St., in Cobble Hill.
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Facebook/P.J. Hanley's

COBBLE HILL — P.J. Hanley's, a Court Street tavern and one of Brooklyn's oldest bars, filed for bankruptcy protection Friday.

A Manhattan-based company, of the same name which owns the pub, filed for Chapter 11 last week, citing liabilities between $100,000 and $500,000, Crain's New York Business first reported.

The bar, that has served the neighborhood since 1874, was bought eight years ago by James McGown, current president of P.J. Hanley's Corp. The company has assets between $1 million and $10 million, according to the filing, Crain's reports.

McGown is looking for a buyer to take over P.J. Hanley's completely or with "an infusion of capital and know-how is necessary for the business to recover from its current condition," Crain's reports from an affidavit filed with the petition.

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