GREEK PEAK GETS SENATOR'S HELP

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Publish Date

07/17/2012

SAM Magazine—July 17, 2012—Yesterday, U.S. Senator Charles Shumer of New York visited Greek Peak Resort to urge the FDIC (Federal Deposit Insurance Corp) to push through a loan review for the beleaguered resort after its primary lender, Tennessee Commerce Bank, was closed by state regulators in late January of this year.

"Due to the snowball effect of a poor season and the failure of its primary lender, Greek Peak Resort needs help bridging the gap between now and next ski season, which would avoid putting over 1,000 jobs at risk," said Shumer.

The loan for $1.6 million would allow the resort to open this year, as well as avoid filing bankruptcy. The FDIC has already advanced Greek Peak $200,000 to allow the resort to continue operations while it conducts its due diligence on the loan.

Comments

Glad we got That Settled!

Sounds like there is a need for an Axe to grind.

Managing Partner

I wish GP all the best. The real challenge is that they don't have a strong marketing department, price points are not in line with the region, and they don't have a manager with the experience to operate a four-diamond condo-hotel. The resort is lovely, but rather than a loan, I'd like to see a new investor or owner who has the ability to take GP to the next level.

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