GREEK PEAK AUCTION SET FOR MARCH 19

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Publish Date

03/08/2013

SAM Magazine—Virgil, N.Y., Mar. 8, 2013—Greek Peak is scheduled to be sold at auction in Syracuse, N.Y., on Mar. 19, either in its entirety or in various lots. The resort includes the winter resort as well as a year-round adventure center, hotel and indoor waterpark.

Bidders have until Mar. 14 to submit initial offers. Judge Margaret Cangilos-Ruiz of the U.S. Bankruptcy Court in Syracuse, N.Y., will review the auction results at a Mar. 21 hearing. It’s possible that the auction will not result in a sale, in which case the auction may redirect the resort’s bankruptcy reorganization plan.

Greek Peak sought Chapter 11 protection in August 2012, with debts totaling $47 million, much of that related to the hotel and water park. The Federal Deposit Insurance Corp. has been funding continuing operations this winter, having assumed Greek Peak’s loan obligations from the original lender, the failed Tennessee Commerce Bank.