Federal Judge Allows Popular PA Ski Resort to be Sold at Auction

Scranton, PA -  A federal bankruptcy judge had the final say, allowing bankruptcy trustee Gary Seitz to solict bids for the purchase of Northwestern Pennsylvania'a Sno Mountain to satisfy its creditors.

The Ski Resort's finances were a slippery slope themselves, as the resort has accumulated over $24 million dollars in debt and nearly $420,000 in tax liens. The list continues with over $400,000 due to the IRS and a bill more than double that size owed to the Commonwealth of Pennsylvania.

The resort filed for Chapter 11 bankruptcy protection in October, and court records list the resort with assets of only $171,562.00.

The sale is expecetd  to be completed no later than April 8. In the event there are no buyers, the resort’s largest secured creditor, DFM Realty, will be allowed to execute on its debt.

Snö Mountain is still scheduled to open for the winter season on or about Dec. 20, resort officials indicate, and the judge's order permits the resort to use its cash fund its operations this winter, including paying 13 full-time employees and renewing its insurance policy that expires this month.

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Posted in business bankruptcy , Chapter 11 Bankruptcy , pennsylvania bankruptcy , ski resort bankruptcy , sno mountain bankruptcy