Greek Peak Bankruptcy Update
The Chapter 11 filing allows the business to continue and reorganize operations without fear of foreclosure.
Cortland (WENY) - The largest ski area in the region filing for bankruptcy protection. Executives at Greek Peak Ski Resort in Cortland say The Chapter 11 filing allows the business to continue and reorganize operations without fear of foreclosure. Greek Peak filed for bankruptcy protection yesterday. The company's primary lender, Tennessee Commerce Bank, was seized by federal regulators in late January, and the resort couldn't secure alternative financing. Greek Peak President and General Manager Al Kryger says they are working closely with the FDIC to help the business get through the next few months.
“I do think the FDIC is a little sluggish a little slow but I also think they are negotiating in good faith I'm optimistic about the relationship,” says Kryger.
The resort will continue normal operations including honoring season passes for the upcoming ski season.