Mountain Creek, a popular attraction for many in New Jersey recently announced that they would be filing for bankruptcy. The company is trying to get a Chapter 11 bankruptcy to help them restructure their debt while remaining open. The attraction has both a ski resort in the winter and a water park for the summer months. However, it’s not a yearlong resort, which can impact their bottom line.
The reason behind this filing is related to the debt that was inherited by the new owners from the former owners. The biggest creditor listed is the utilities at 20 million dollars because of the potential use of the sewer system.
The sole owners are looking to build this resort up to a full resort, rather than a seasonal resort. They are hoping to unlock the full potential of the venue. They are wanting to add new hotels, new attractions, and expand the residential homes that are currently in the area. In order to reach this objective, the restructuring of debt needs to be accomplished.
The good news for employees is that this move will not result in layoffs, as the resort plans to go through the summer operations as usual. In fact, it could have a promising future in adding jobs to the area through the construction process including the opening of a hotel and other attractions.
Bankruptcy is often a last resort for people and businesses, but it was written into law to give those who need it a second chance at life. If you’re considering bankruptcy in your personal life or at your business, an experienced lawyer can be very beneficial to have on your side. Contact the law office of Brenner, Brenner & Spiller now to learn about filing for bankruptcy.