Mountain Creek files Chapter 11


Make text smaller Make text larger



Photos



  • PHOTO BY CHRIS WYMAN Visitors are shown enjoying the up and down motion of the Hightide Wavepool at Mountain Creek Water Park last summer. The resort's ownership filed for Chapter 11 bankruptcy protection on Monday.



Editor's Note: This is a breaking news story and it will be updated as it develops

Mountain Creek Resort Inc. filed for Chapter 11 Bankruptcy protection on Monday in New Jersey Bankruptcy Court.

“Today’s filing will allow us to deal with the legacy debt we inherited from the property’s former owners and attract new investment into the resort,” said Jeff Koffman, CEO of Mountain Creek Resort in a news release. “We remain committed to seeing Mountain Creek develop to its full potential with new hotels, new outdoor attractions and expanded residential homes. Our vision to create a world class, four-season resort here in New Jersey is still our main objective and this move will put us in the best position to achieve that.”

Subject to Court approval, the debtor-in-possession financing, along with the company’s cash from operations, is expected to provide ample support to its continuing business operations and minimize disruption throughout the season. Mountain Creek will maintain its staffing levels and continue without any layoffs.

Along with the filing, Mountain Creek filed a number of “first-day” motions with the Court to minimize the disruptions to any business operations and facilitate a smooth transition into chapter 11. Among other things, the motions request authorization to honor employee pay and benefits along with certain customer programs currently in place, such as seasonal pass holders, Triple Play cards and gift cards. Customer deposits for weddings and other events will also be honored.

Mountain Creek Resort, Inc. has retained Lowenstein Sandler as legal advisors, along with Getzler Heinrich LLC as financial advisor and Houlihan Lokey to assist with the valuation and restructuring of its balance sheet.


Make text smaller Make text larger

MUST READ NEWS

Image 2016 Queen of the Fair to host fundraiser concert
The Concert will take place on Friday, June 2 from 6-7:30 p.m. at Saint Monica’s Church in Sussex New...
Image Savage signs letter of intent
Miles Theodore Savage signed his letter of intent to play Division Two Lacrosse at Post University in Waterbury, Conn.
Miles...
Image Rothamel signs her letter of intent
Emily Rothamel signed her celebratory signing to attend Montclair State University and compete on the Swimmimg and Diving...
Nick Feenstra
Nick Feenstra, age 78, passed away on Sunday, May 21, 2017, at St. Luke's Hospital — Anderson Campus in Easton, Pennsylvannia.
Nick was born in Nylan, Friesland, the...

VIDEOS


Sign up to get our newsletter emailed to you every week!

  • Enter your email address in the box below.
  • Select the newsletters you would like to subscribe to.
  • Click the 'SUBSCRIBE' button.

Comments

Pool Rules



MOST COMMENTED



Find more about Weather in Lafayette, NJ