Syracuse, NY (WBNG Binghamton) A federal bankruptcy court approved the sale of Peak Resorts in Virgil to Meier-Stemerman Syndicate with a bid of $6.76 million.
The Elmira-based company will actually pay $7.5 million, which includes assets of Greek Peak.
Elmira area businessmen John Meier and Marc Stemerman submitted the highest bid Tuesday among four interested parties.
Peak Resorts owns and operates Greek Peak Mountain Resort, Hope Lake Lodge and Indoor Water Park and an outdoor Adventure Center.
It 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 for operations.
Peak Resorts had been working with BDO Capital, which evaluated the bidders during an asset sale held March 19 in Syracuse.
Three bidders made offers to buy all of Peak Resorts and one bidder made offers on building lots and acreage.
In its filing with the United States Bankruptcy Court Northern District of New York, BDO recommended the court approve the Meier-Stemerman Syndicate bid.
"We're both family businessmen, two operable words are family and business, and to me and Marc, skiing is more than business, it's personal." Meier said. "It's a passion of ours to be skiers and boarders and to have the opportunity to get into a business that we love and to own a ski resort that we grew up at."
The pair said no official employee decisions have been made, but they do not plan on turning away the current owners.
"The Kryger's have 50 years of experience and knowledge and we want to leverage that in implementing our image of Greek Peak," Meier said. "The assets of Greek Peak, the versatility of that mountain terrain, the loyal customer base, and the first-class Hope Lake lodge. I mean we are really excited to be part of that."
A media conference is scheduled for Friday at Greek Peak.
Meier-Stemerman said the resort will not close at during the sale. They are even offering discounted season passes to Greek Peak starting Friday.