Complex sentence: It was acquired out of bankruptcy by Charles Wood, the original owner of Storytown USA, who sold the park to International Broadcasting Corporation (IBC) in 1989 and later re-acquired the park in 1992 when IBC went bankrupt.
Split into simpler sentences: It was acquired out of bankruptcy by Charles Wood, the original owner of Storytown USA. Wood sold the park to International Broadcasting Corporation (IBC) in 1989 and later re-acquired the park in 1992 when IBC went bankrupt.