Wisp Owners File for Bankruptcy
SAM Magazine--October 18, 2011--The owners of Wisp Ski Resort in Maryland, DC Development LLC, filed for Chapter 11 bankruptcy protection on October 15. As we reported in late August (www.saminfo.com/news/article.php?tid=5237), Wisp's parent company was struggling to refinance a $28.5-million loan used to fund the development of a golf community. Thanks to the tumbling real estate market, the development did not get far off the ground.
DC Development said selling Wisp is a last-resort option, but not off the table entirely. The ski area remains a profitable entity while the real estate side of the company struggles. The ski area is still set to open around Thanksgiving.