After a bankruptcy auction of the assets of Sno Mountain failed to provide a new owner and operator for the resort leaving DFM Realty to credit bid the debt, Charles Jefferson and Montage Mountain Resorts, LP have emerged as a potential purchaser for the resort. The investor group will reportedly bring the Montage Mountain name back, and spend more than $8 million to upgrade the facilities. The Scranton, PA facility has been in chapter 11 in the United States Bankruptcy Court for the Eastern District of Pennsylvania since October 2012.
The United States Bankruptcy Court for the Northern District of New York approved the sale of the Greek Peak Ski Resort in Virgil, NY to John Meier and Marc Stemerman. The purchase includes the Hope Lake Lodge and Cascades Waterpark. In order to get the sale approved, the Debtors and FDIC agreed to carve out $400,000 from the net sale proceeds to fund certain distributions to unsecured creditor and court approved professionals. The new owners intend to invest in the resort to upgrade the lifts and snowmaking capabilities. They have already announced a reduction in season pass prices for next year.
Elan Sportartikel, the Austrian subsidiary of sports equipment maker Elan, filed for receivership on Wednesday. The subsidiary, which produces snowboards under other brand names, generated EUR 11m revenues in 2012 and employs 78 people.
The U.S. Bankruptcy Court for the Northern District of New York approved the bidding procedures to be used for the auction of substantially all of the assets of Greek Peak ski resort in Cortland, NY. The auction will be conducted on March 19, 2013.
Debtors’ counsel: Wendy Kinsella of Harris Beach
Creditors’ Committee counsel: Gary Leibowitz of Cole Schotz