Potential bidders looking at Greek Peak ahead of asset sale

By Candace Chapman

Potential bidders looking at Greek Peak ahead of asset sale

March 9, 2013 Updated Mar 9, 2013 at 3:28 PM EDT

Virgil, NY (WBNG Binghamton) Greek Peak is looking ahead to next ski season even as a bankruptcy court puts its assets up for auction.

Greek Peak Mountain Resort owner Al Kryger said it delayed the sale of season passes for thirty days but does plan to start selling them after the auction is complete.

The United States Bankruptcy Court Northern District of New York scheduled the asset sale for March 19. The assets could be sold as one block or separately. A court hearing on whether to approve any sale is scheduled for March 21.

Kryger knew of at least eight potential bidders looking at the resort in the Town of Virgil.

Greek Peak Mountain Resort filed for Chapter 11 bankruptcy protection after its lender, Tennessee Commerce Bank, was closed by FDIC. Greek Peak had taken out a $1.6 million dollar loan with the bank.

It has been working with BDO Capital Advisors to continue operations and resolve its financial situation.

Kryger said the auction will give the FDIC a look at the market value of the resort's assets. He said it is possible no sale would occur and the FDIC may continue to work with Greek Peak Mountain Resort to extend credit and the time frame for repayment.

Greek Peak Mountain Resort opened in 1958. An expansion began in 2007 adding Hope Lake Lodge Resort and Indoor Water Park. In 2011 it opened a new Adventure Center.