Mountain Creek Seeking Chapter 11
Mountain Creek ski resort and waterpark is amongst a long list of companies and organizations that have recently announced they are seeking Chapter 11 protection under the U.S. bankruptcy code.
“That provision, if granted, would enable Mountain Creek Management LLC to restructure its debt while maintaining daily operations, including the opening of Mountain Creek Waterpark next month,” according to an article on NJ.com.
Read more: Bankruptcy Attorney, Hamilton, NJ
Mountain Creek is the largest ski area in New Jersey, has the world’s tallest and only double-looping waterpark slide, and offers guests the East Coast trails of the Mountain Creek Bike Park. According to the Mountain Creek website, there’s no shortage of adventures to leave you with stories that will last a lifetime. With a range of accommodations from mountaintop cabins to poolside condos and townhomes, there are also plenty of options to relax.
“Here at Mountain Creek we pride ourselves on providing a warm, welcoming resort experience for the whole family,” the website reads. “The pioneering spirit that began almost 50 years ago lives on today through our independent ownership and vibrant staff. We look forward to sharing our playground with you.”
The company’s CEO, Jeff Koffman, recently issued a statement in regards to the bankruptcy filing. In the statement, Koffman attributed the filing to “legacy debt we inherited from the property’s former owners.”
“Of the $26.2 million listed in the filing for the Vernon Township Municipal Utilities Authority, the biggest creditor, more than $20 million is for potential future use of the sewer system,” the article reads.
Koffman noted that they remain committed to seeing Mountain Creek develop to its full potential, which he said would include new hotels, new outdoor attractions and expanded residential homes.
“Our vision to create a world-class, four-season resort here in New Jersey is still our main objective and this move will put us in the best position to achieve that,” Koffman said.
The resort has also struggled with challenging weather the past two winters. Mountain Creek said the bankruptcy filing is not expected to result in any job losses.
☑ Been paying credit card balances that seem to never go down?
☑ Lost your job and are now having trouble keeping up?
☑ Attempted to work out a payment arrangement to no avail?
☑ Been notified of a mortgage foreclosure action?
☑ Been denied for a mortgage or other line of credit?
If the answer to any of these questions is “yes” then bankruptcy may be an option that you should consider.