WISP CONTINUES SEARCH FOR BUYER - Ski Area Management

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24 September 2012

Push to The Latest: No

updated Sept. 25, 2012

SAM Magazine—McHenry, Md., Sept. 25, 2012—The owners of Wisp Ski Resort continue to negotiate to sell the resort to a well capitalized buyer that will ensure uninterrupted and improved operations for the upcoming ski season and beyond.

In a statement Monday, co-owner Karen Myers said, “We fully expect to continue to do business as usual” while seeking a buyer who will build on the resort's success.

updated Sept. 25, 2012

In a statement Monday, co-owner Karen Myers said, “We fully expect to continue to do business as usual” while seeking a buyer who will build on the resort's success.

Wisp's owners recently sought to extend the exclusive period they have to file a plan in their joint bankruptcy cases. One creditor, First United Bank & Trust, objected to the requested extension, even as the owners and the bank have been working together to craft a solution that assures the uninterrupted operation of the resort.

“First United simply filed its objection to our request to extend our exclusive right to file a plan in order to preserve its rights,” Myers said. “We are still working together in a healthy spirit of cooperation to assure that any sale will be in the best interests of the resort and the community.” Once negotiations are completed, the resort owners will seek U.S. Bankruptcy Court approval of the sale.

An article by the Associated Press on Sept. 22 reported that Wisp had signed a letter of intent with one potential buyer, and that a second group was also interested in purchasing the resort. Neither the bank nor Wisp have revealed the names of the suitors.

Wisp's ownership group, D.C. Development, has been exploring financing options since August 2011, when the group announced it was considering a variety of options to repay or refinance a $28.5 million loan. Those options included a possible sale. The resort filed for bankruptcy protection in October 2011.