Peek 'n Peak Bought Out of Bankruptcy
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.