Mountain Creek is Latest Resort to Slide in Bankruptcy

Mountain Creek, which operates a ski resort and water and action park, filed for chapter 11 protection today in the Bankruptcy Court for the District of New Jersey.  The petition filed to initiate the case lists $10 million to $50 million in both assets and liabilities.  Much like the Wisp ski resort and Greek Peak resort filings of the past, the company blames the filing on a lack of liquidity based due to a combination of warmer winter temperatures, litigation, and the lingering impact from the residential real estate crisis. The company intends to “gain access to additional capital and liquidity necessary to continue to upgrade the Resort and its facilities, restructure its balance sheet and negotiate the terms of a plan of reorganization.”  The filing lists approximately $2.6 million in trade debt plus $40 million in unsecured loans, and $29 million in secured debt.

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