Mountain Creek Resort Inc., a New Jersey ski resort less than two hours from Manhattan, has filed for bankruptcy protection. The filing was blamed on years of above-average temperatures, lack of snow and missteps by prior owners.
The filing in New Jersey Bankruptcy Court seeks a restructuring of the resort’s debt including an estimated $26 million in contractually obligated sewer debt payments to the Vernon Township Municipal Utilities Authority.
In a press release, Jeff Koffman, CEO of Mountain Creek Resort, said the filing “will allow us to deal with the legacy debt we inherited from the property’s former owners and attract new investment into the resort. We remain committed to seeing Mountain Creek develop to its full potential with 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.”
The filing is not expected to affect existing operations. According to its website, the resort’s waterpark is scheduled to open the weekend of June 10-11 and seven days a week starting June 22.
“The four-season resort, which offers gourmet restaurants, lodging and a variety of outdoor sports and activities, will continue to operate fully during the bankruptcy process,” according to the press release.
Photo courtesy Mountain Creek Resort
