Greek Peak hopes Senator Schumer's push can help avoid a slippery financial slope

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One of Central New York's most popular ski resorts needs help from the Federal Government to avoid a slippery financial slope.

Greek Peak's primary lender, the Tennessee Commerce Bank, failed, putting the Federal Deposit Insurance Corporation (FDIC) in control of cash flow.

The Cortland County resort struggled last winter like many other slopes in Central New York with a slow winter. Now it needs a $1.6 million loan to keep operations running through to the winter.

U.S. Senator Charles Schumer was in the town of Virgil Monday morning calling on the FDIC to make a quick ruling in the case. He says 1,000 jobs are on the line.

Schumer says the business is on a tight deadline, because August is one of the biggest booking times for full season passes.

"Greek Peak needs an immediate face lift to make it to the next ski season," said Senator Schumer. "And the FDIC is the answer to that lift."

He wrote a letter to the FDIC chairman asking the group to fast track the request.

Greek Peak has been working with the FDIC as much as possible to make sure it can remain open. "There's lots of options on the table for them," said Al Kryger, President of Peak Resorts, LLC. "The options we have proposed to them are better than if they forced us into bankruptcy filings."

The resort is a critical component of the local economy, contributing more than $100 million every year. It is also one of the Top 5 employers in Cortland County.

Resort employees are worried about the possibility of needing to find work elsewhere. Several employees consider themselves the main income source of their households, and some families have multiple employees at Greek Peak.

Greek Peak would not say how long they can remain open in their current situation, but top managers are confident the resort will remain open through the summer and the upcoming ski season.