A major Lake Travis marina and the owner of the land where a long time water park stands have filed for bankruptcy.

Volente Marina Real Estate LLC, the parent of the 148-slip Volente VIP Marina on the north shore of Lake Travis, and Volente Waterfront LLC, which holds about 20 acres adjacent to the marina, filed for Chapter 11 protection in the U.S. Bankruptcy Court’s Western District of Texas. Both companies are operated by Steven Adams of Cedar Park.

Volente Beach Waterpark, a popular destination for Central Texas families, sits on part of the 20 acres held by Volente Waterfront. However, the owners of the business itself say they hold a long-term lease and are not affected by the bankruptcy.

In addition to the boat slips, Volente Marina includes a store, boat and waverunner rentals, boatlifts, a fuel dock and other amenities.

Mark Taylor, an attorney with the Austin firm Hohmann Taube & Summers LLP, is representing Volente Marina and Volente Waterfront in the bankruptcies. Taylor said his client hopes to use the bankruptcy process to reorganize and restructure debt. Taylor added that his client hopes to continue to operate the marina as usual during the process.

According to the filings, the marina and real estate entities each have assets and liabilities of between $1 million and $10 million.

Jill and Rick Redmond purchased the Volente land 15 years ago and opened Volente Beach Waterpark in 1999. The couple sold the land to Adams a year ago but retained the waterpark business. Jill Redmond said the park continues to operate normally and is preparing for a busy summer season. She said they recently re-launched The Blue Parrot, a fine dining restaurant next to the park that offers regular live music.