Shanty Creek Aims to Fend Off Foreclosure
SAM Magazine--Bellaire, Mich., Aug. 30, 2004--Michigan's Shanty Creek Resort & Club has defaulted on a $20.35 million mortgage, according to its lender, Comerica Bank, which has initiated foreclosure proceedings on several properties, including the Schuss Mountain ski area. Also named in the foreclosure are the Schuss Mountain golf course (along with two others), the Summit and Cedar River Village lodges, the Schuss restaurant and several condominium units. The properties are scheduled to go to auction on September 24, 2004.
A resort spokesman said Shanty Creek ownership is seeking to reorganize its debt through new lenders and to attract additional equity prior to that deadline. In a press release, the area said that it is working with several potential lenders and has commitments from a number of individuals, some with "significant . . . resort management experience," for an injection of equity. The area needs funds for capital improvements and to update facilities, according to the release. \