Mountain Creek declares Bankruptcy

Communicate with fellow Zoners

Moderators: SkiDork, spanky, Bubba

Post Reply
icedtea
Guru Poster
Posts: 5446
Joined: Feb 20th, '07, 13:01
Location: da shady maple

Mountain Creek declares Bankruptcy

Post by icedtea »

http://www.nj.com/sussex-county/index.s ... y_loc.html" onclick="window.open(this.href);return false;


BY ROB JENNINGS rjennings@njadvancemedia.com,
NJ Advance Media for NJ.com

VERNON -- The owner of Mountain Creek, the popular ski resort and waterpark, is 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.

The company's CEO, Jeff Koffman, issued a statement in which he attributed the bankruptcy 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.

Koffman heads up a group that became sole owner of the resort in 2015.

"We remain committed to seeing Mountain Creek develop to its full potential with new hotels, new outdoor attractions and expanded residential homes," Koffman said.

"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 bankruptcy filing will not result in any job losses, Mountain Creek said.


Vernon Mayor Harry Shortway told NJ Advance Media the township will retain a bankruptcy attorney to protect its interests.

Shortway, asked about the bankruptcy filing on Tuesday, said, "It's not a surprise to me."


"They've never really developed into a true, four-seasons resort," Shortway said of Mountain Creek.

Mountain Creek, which is best known for skiing, also has grappled with challenging weather the past two winters.
"To have the truth in your possession you can be found guilty, sentenced to death."
Peter Tosh
Post Reply