Sno Mountain Defaults on Loan

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SAM Magazine--November 4, 2011--Sno Mountain, Pa., (formerly Montage) has defaulted on a $5 million loan according to published reports.

The ski area has not made a payment on its state loan in almost a year, and county records show the resort owes at least $1.55 million in unpaid bills, a third of which are real estate taxes.

The Times-Tribune further reported that the company defaulted on its $5 million Machinery and Equipment Loan Fund loan, made its last payment last December and owes the state $4.6 million. The loan, made in April 2009, was for seven years at 5 percent.

The resort also owes approximately $1,078,000 to other concerns. Sno Mountain has two mortgages totalling $9.5 million it is still paying off, according to county records.

According to the resort's website, the area will open and is hosting a job fair tomorrow, November 5.

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