Greek Peak Resort Facing Financial Crisis

By Adam Chick

July 16, 2012 Updated Jul 16, 2012 at 6:28 PM EDT

Cortland, NY (WBNG Binghamton) More than 1,000 jobs are at stake at the Greek Peak ski resort.

The fate of the resort hangs on a decision from the FDIC.

If that decision comes too late, it could mean the resort will close.

Senator Charles Schumer was at Greek Peak Monday and assured the resorts' workers that he will do everything in his power to make sure a decision is made soon.

Due to a winter with minimal snowfall, Greek Peak had to take out a $1.6 million loan to ensure they'll stay operational until this winter.

However, the bank that issued the loan, Tennessee Commerce Bank, failed.

It's now up to the FDIC to determine whether or not to loan the resort the money.

But the clock is ticking.

"We just want them to do it fast. Not to twiddle their thumbs for months and months and months and while they're doing their so called due diligence this place goes under. That would not be fair and would not be right. Because it's not Greek Peak's fault," said Senator Schumer (D).

Since the FDIC took over the bank, it's now up to them to review Greek Peak's finances to make sure they can pay it back.

The problem for the top five Cortland County employer is time.

There's only about a month before this place is in real financial trouble. Which leaves over 1,000 winter employees wondering whether they'll have a job this year.

"We all need our jobs. I have a family. I am the main breadwinner of my family," said Dee Grant.

Greek Peak opened 54 years ago and hosts about 250,000 skiers per year.

It's also a big part of the Central New York economy.

"We really need the FDIC to please come out and say that we're going to keep these doors open," said Stacey Larkin.

Senator Schumer said because the resorts' current financial troubles are no fault of their own, he may be able to speed up the review process.

"This place is blameless. The winter, the closing of the bank. So those are the arguments I'll make. It also helps that I'm the number three guy on the banking committee that overseas the FDIC," said Schumer.

Schumer did say that even though he is on the banking committee, there are no guarantees.

Officials from Greek Peak say that come August, if they still don't have their loan, the resort will be in big trouble.