From the site’s Question and Answer section:
Q: What happens to season passes? Can I get a refund?
A: In conjunction with the filing, Hard Rock Park will close for the season to allow management to focus on the restructuring process. Following the completion of this process, Hard Rock Park intends to re-open for the 2009 season.
Whether the Park will be able to provide refunds or extensions for Annual Pass holders will be determined by the Bankruptcy Court.
Thanks to Strat.