Greek Peak Reorganization
Media Information Update
Greek Peak Mountain Resort
607-835-6111 Ext 6105
Greek Peak Mountain Resort to complete Reorganization
Resort continues normal business operations.
12, MAR 13 (Cortland, NY) Last year Greek Peak Mountain Resort's (GPMR) lender, Tennessee Commerce Bank, was closed by FDIC and all loans held by the bank, including those of GPMR, were taken over by the FDIC. The failure of the bank was not caused by any loans Tennessee Commerce Bank made to Greek Peak and affiliated companies. Greek Peak has worked tirelessly with BDO, Capital Advisors to resolve their financial situation with the FDIC, while minimizing expenses and maximizing profits. Despite these efforts, GPMR has not been successful in negotiating a reorganization plan with the FDIC. The Federal Agency provided funds through a "Debtor in Possession" financing under Chapter 11 US Bankruptcy Code Protection to continue and sustain operations through the ski season.
An auction has been scheduled for 10am March 19th 2013 at the offices of Harris Beach, 33 W. Washington St. Suite 200 Syracuse, NY. A hearing to potentially approve the sale of the Resort is scheduled to be held in Federal Bankruptcy Court at 1pm March 21st 2013 at 10 S. Clinton St. Syracuse, NY. A closing date for the sale will be on or before April 19th 2013.
Operations of the Resort will continue as usual. Hope Lake Lodge occupancies are up over last year, conferences and events are being booked into 2014 and the ski area performance has improved almost to the level of 2 years ago. We anticipate Season Pass Sales for the 2013-2014 Ski Season to start in early April with extended purchase dates under the guidance of new ownership.
Greek Peak Mountain Resort will be continuing normal business operations and will be serving its customers in the normal course of business, including honoring Ski and Board Season Passes, and other customer programs. There will not be any interruption in ongoing operations and/or our ability to honor booked and future functions and events. There will be no immediate changes in operation or staffing outside of normal operations.
About Greek Peak Mountain Resort:
Greek Peak Mountain Resort, the largest resort in Central New York, has been making family memories since 1958. Amenities include the North Woods style Hope Lake Lodge, a world-class customized spa, fitness center, 41,000 square foot Cascades Indoor Waterpark and ski area. It has remained at the leading edge of the ski industry with thirty-two trails, six aerial lifts, two surface lifts, beginners' slope, three Terrain Parks, including a Progression Park, and the Children's Learning Center.
The new Conference Center and Adventure Center round out the resort's offerings and build on the success of Hope Lake Lodge, a 106 unit condo hotel; Waterfalls Spa, a 5,500 square foot luxurious Feng Shui designated international spa; and the 41,000 square foot Cascades Indoor Waterpark - all of which opened in December 2009, creating a year-round destination resort. The four season resort is located in New York's scenic Fingerlakes Region, conveniently just minutes from I-81. The Adventure Center at Greek Peak Mountain Resort opened in July of 2011 and has 4 tandem zip lines, a mountain coaster and eurobungy. Hope Lake Lodge has been awarded both the Traveler's Choice Award and the Excellence Award for 2012. Hope Lake Lodge was designated "Gold" by the Audubon International Eco-Rating Program and is a "Green" hotel.
This statement is for informational purposes only.