Sno Mountain Defaults on Loan
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.