Greek Peak to Announce New Owners

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Publish Date

03/21/2013

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.

Comments

Peak Resorts

Just to be clear, this Peak Resorts has nothing to do with the other one, which owns/runs about 13 areas in the U.S. As far as we know, that Peak Resorts is doing just fine. Just a popular name, we guess.

Wow!

I'm pleased to see that two locals purchased the resort, but am a little concerned that they don't have the funds to ensure that it becomes a viable entity. After all, they had to finance the $6.8M. That's a rather small amount to have to finance.

Say What?

Since when was Peak Resorts the parent company of Greek ???

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