Peek 'n Peak Bought Out of Bankruptcy

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Publish Date

08/25/2011

SAM Magazine--August 25, 2011--Peek 'n Peak Resort & Spa, N.Y., was bought out of bankruptcy yesterday by Scott's Development Co. for $11.3 million. The previous owners, Kiebler Recreation, first filed for bankruptcy in May 2010 as they tried to reorganize, but were unsuccessful in the effort, forcing the court to auction off the ski area.

The winning bid of $11.3 million falls short of the $1.3 million owed in property taxes and $17 million to Kiebler's primary lender, Huntington National Bank, not to mention other lesser debt holders. According to the Buffalo News, the property taxes will be paid out first.

Scott's Development owns more than 20 restaurants and hotels and an indoor water park and has big plans for the 1,150-acre resort.
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Comments

Glad to hear the Peek will live on....

Nice small ski area in the middle of nowhere. Investment in the new / updated snowmaking system a few years back was a big plus. My only beef is the high cost of a drive up lift ticket. It's a big deterrent on any spur of the moment outing....The last few years even with perfect conditions, there are some days where you have the place to yourself....If you want to be a "family friendly area" you need to have family friendly pricing.

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