Greek Peak to Announce New Owners

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SAM Magazine--March 21. 2013--According to the Star Gazette, a federal judge has approved the sale of Greek Peak, N.Y., after a private auction on Tuesday. The highest bid was $6.76 million by two local businessmen, John Meier and Marc Stemerman. The Federal Deposit Insurance Corporation (FDIC), which became the main lender and receiver after the ski area's main lender went under, did not register any objection.

While a federal bankruptcy judge approved the sale today, some creditors were not happy and filed objections. Greek Peak sought Chapter 11 protection in August 2012, with debts totaling $47 million, much of that related to the construction of a hotel and water park.

The lawyers for Peak Resorts, the parent company for Greek Peak, argued that selling Greek Peak was the only viable way to make sure the resort could continue to operate without being liquidated.