Sale of Montage Mountain Finalized
SAM Magazine--May 14, 2013--The sale of the beleaguered Snö Mountain, Pa., to a group of investors that will bring back the area's original name, Montage Mountain, was finalized last Friday. Montage first opened in 1983 and was run by Lackawanna County until 2006, when it was purchased by a group that renamed the ski area Snö Mountain. In October 2012, Snö Mountain declared bankruptcy, having racked up $24 million in debt thanks to huge infrastructure improvements. Earlier this year, the resort's largest creditor, National Penn Bank, bought the area out of bankruptcy for $4.6 million (the Snö Mountain owners owed the bank close to $9 million). A real estate group called Jefferson-Werner has purchased the area free and clear for $5.1 million from the bank. The buyers have already done a lot of work on the area's water park over the past two months under a transition agreement. The new owners are expecting to open its water park doors on May 25 and has said it will honor more than 1,800 water park season passes sold before the sale. As for winter operations, skiers and snowboarders can look forward to a full 2013/14 season.