Greek Peak Will Be Open For Winter Ski Season Despite Ca$h Crunch
Tuesday, July 17, 2012
Greek Peak Will Be Open For Winter Ski Season Despite Ca$h Crunch
The owners and operators of the Greek Peak Ski resort in Virgil say despite their current financial crunch they will be open this winter and those interested in purchasing season lift tickets shouldn’t be concerned.
That was one of the messages that Greek Peak owner Al Kryger was trying to convey yesterday. U-S Senator Chuck Schumer joined Kryger outside the resorts Hope Lake Lodge to call on Federal regulators to approve new financing for the resort after its previous lenders went under.
Kryger is asking the Federal Deposit Insurance Corp. who is now in charge of Greek Peak’s previous lender to expedite a 1.6 million dollar loan to keep the resort going through the ski season. Kryger says that would allow Greek Peak to generate enough cash to not only pay back the short-term loan, but keep the company solvent and preserve as many as a thousand jobs here in Cortland County.
Schumer pledged to use his influence on the Senate banking committee to prod the F-D-I-C to grant the loan request.
The F-D-I-C has been in control of the failed Tennessee Commerce bank since January after the lender became insolvent. The bank had previously loaned Greek Peak 35 million dollars to fund the new hotel, Water Park, and adventure center.
Schumer said the bank’s failure was not Greek Peak’s fault; the lender had many investments in the trucking industry, which took major losses as well as other failed investments.
The F-D-I-C has already approved a 200 thousand dollar loan to Greek Peak, Kryger said that has allowed him to make payroll and keep the operation going, but he needs more money to get through the ski season. The bank failure’s impact on the resort was complicated by the lack luster ski season; Kryger said it was the worst season he’s seen in 52 years.
Kryger along with a financial management firm BDO Capital Advisers have outlined several options for the F-D-I-C that would keep the resort up and running, but as of late regulators have not approved any of the proposals.
Yesterday’s press conference included several employees like Dee Grant. Grant said if Greek Peak shuts down she and her son will both be out of a job, which will be a devastating blow to her family.
Kryger says even if the resort is forced in bankruptcy season passes will still be honored along with the learn to ski program packages.
Kryger did says any other planned improvements such as the new quad lift are off the table now, the plan to build 350 new rental units and retail space at the planned Greek Peak Village is also shelved for the foreseeable future.
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