The California ski resort town of Mammoth Lakes obtained Bankruptcy Court approval to dismiss its bankruptcy case after settling the $43 million lawsuit with Mammoth Lakes Land Acquisition which triggered the bankruptcy filing. See In re Town of Mammoth Lakes, 12-32463, U.S. Bankruptcy Court, Eastern District of California (Sacramento).
Mammoth Lakes, a ski resort community of 8,200 near Yosemite National Park, has an annual budget of $19 million. The developer sued the town in 2006 alleging that it breached a development agreement allowing the company to build homes, retail space, hangars and other structural improvements near the Mammoth Yosemite Airport.
The United States Bankruptcy Court for the District of Maryland approved the proposed bidding procedures to be used to conduct an auction for the Wisp ski resort assets on November 30, 2012 (Case No. 11-30548). A subsidiary of Entertainment Properties Trust named EPT Ski Properties, Inc. has submitted a bid of $20.5 million for certain designated assets to serve as the stalking horse bidder. The bid is subject to higher or otherwise better offers at the auction, and requires Court approval. The Court has scheduled a hearing to approve the successful bidder on December 4, 2012. A sale would pave the way for the resort to continue operating as a going concern under new ownership.
The closed Park Rapids Ski Resort south of Lake George in Minnesota that has been shuttered for several years may have seen its last days as a ski resort. Without a ski slope operator seeking to purchase the area, local papers have reported that it may be converted to a long term treatment center. Built in 1953, the 50-year run will come to a end unless other suitors step forward.
Listing assets of $334,064 and liabilities of over $1.4 million, the outdoor ski and sporting goods store filed chapter 11 in the United States Bankruptcy Court for the Western District of Virginia (Case No. 12-51439). United Bank, Sport Chalet, Atomic/Salomon, Rome and Gordini are all listed in the Top 20 list of unsecured creditors. The company’s schedules show year to date gross income of $422,964, and 2011 gross income of $715,233. The founding foursome behind Cradle Mountain Ski & Skate started the store by specializing in inexpensive ski and snowboard rentals. The store eventually doubled in size to 33,000 sq ft. and offers a climbing wall and skate park for its customers. Stay tuned for case updates.