Greek Peak bankruptcy auction slated for next week

Greek Peak

Greek Peak Mountain Resort, in Cortland, will be auctioned off next week as part of bankruptcy proceedings.

The resort filed for bankruptcy last August after its primary lender, Tennessee Commerce Bank, went under. The FDIC took over Greek Peak's debt and provided the resort a $2 million line of credit to stay in business. Now the resort is trying to find new funding or could be sold at auction next Tuesday.

Greek Peak President Al Kryger says, so far, all interested buyers want to keep the resort open and operating. He says it is not expected that the resort will be shut down.

"Over the past ten days, two weeks, we've had a lot of people in here looking and we've talked to them and everybody's that's looking at the place is interested in keeping it going," said Kryger.

The resort will wait to sell annual passes for next year until a bankruptcy sale is clarified over the next few weeks. All gift certificates, Groupons and other deals will be honored.

"Everybody's goal here is to make sure the place stays open and the jobs - about a 1000 jobs in the wintertime - are maintained going forward," said Kryger.

Nancy Ng and her family travelled from Toronto to make their first visit to Greek Peak this week. Ng said Greek Peak is a great value and she hopes future owners put more money into marketing. She says many Canadians would travel down to Cortland County if they knew what the resort had to offer.

The bankruptcy auction is scheduled for March 19th and a sale hearing is scheduled for March 21st at federal bankruptcy court in Syracuse.