A popular attraction in New Jersey is filing for bankruptcy. They are working towards getting a Chapter 11 bankruptcy to allow them to get out from under their debt while still operating the business. This move will help them to restructure the debt, and make it possible to keep the resort open. Mountain Creek offers a ski resort in the winter months and a water park for the summer months. The past few winters have added to the problems for this resort. This is the first move the owners are making to work on making this a yearlong resort that can be enjoyed by all.
The new owners have found that the debt that they inherited from the former owners is the biggest financial hardship that makes it very hard to keep operating without going through this bankruptcy proceedings. The local utilities are the largest creditor listed in their suit at 20 million dollars, due to the potential use of the sewer system by the resort.
As they are planning to continue operations, this is great news for all of the resort’s employees, as they will get to keep their jobs as the resort goes through these changes. The new owner is planning on putting in a new hotel, expanding the surrounding residential homes, and adding some more outdoor attractions. However, to have the capital needed to make these changes, which will bring in more jobs and improve the amount of tourist dollars coming in, the bankruptcy has to go through for them.
Bankruptcy is never an easy choice to make. For many, it has a very negative connotation, but it’s part of the legal system to help give people and businesses a chance to rebound from tough times. Making the decision to file is hard, but finding an experienced lawyer doesn’t have to be. Contact the Law Office of Joel R. Spivack to start the discussion on how best to move forward for your finances today.