Auction held for Greek Peak, four potential buyers reportedly interested
Tue, 19 Mar 2013 19:31:27 GMT —
Greek Peak Mountain Resort in Cortland could soon have a new owner.
The resort, which filed for bankruptcy last August, was scheduled to be sold at auction on Tuesday.
The auction was closed to the media but Greek Peak President Al Kryger previously said there are several potential buyers who are interested in keeping the resort open.
While Greek Peak is not releasing the names of the potential buyers, sources tell CNYCentral that four companies are bidding for the resort.
The FDIC took over Greek Peak's debt after the resort declared bankruptcy and provided the resort a $2 million line of credit to stay in business.
Greek Peak employs more than 1,000 people in the winter and is one of the largest businesses in Cortland County. Greek Peak is expected to announce its new ownership after a sale hearing scheduled for March 21st at federal bankruptcy court in Syracuse.