Judge OKs Sale of Sno Mountain
SAM Magazine--December 9, 2012--After filing for bankruptcy in mid-October, a federal bankruptcy judge has OKed the sale of Sno Mountain Ski Resort in Pennsylvania in order to recoup about $24 million in debt. According to the timesleader.com, documents filed by Sno Mountain show it has $171,562 in assets compared to $24.2 million debt. The debt is spread out among secured creditors, $14.7 million, and unsecured creditors, $9.4 million.
Aside from the creditors are the state tax claims, and subsequent liens, against the ski area, which total almost $420,000. From the beginning, Sno Mountain has disputed the lien claiming that it only collected sales tax on rentals, so it did not owe taxes for all other sales.
Nonetheless, the trustees overseeing the area were told that they could start seeking bids for Sno Mountain, which also has a water park, on or before March 1, 2013, with a sale to be completed by April 8. In the meantime, the area is still slated to open this season with a December 20 target date.