Greek Peak Promises Strong Return

By Dave Greber

Greek Peak Promises Strong Return

December 12, 2012 Updated Dec 12, 2012 at 12:48 AM EDT

Town of Virgil, NY (WBNG Binghamton) Despite a one-two punch of poor weather and a failed bank loan that dealt Greek Peak Ski Resort an uncertain future, the Town of Virgil-based destination will open as normal this year.

Greek Peak, the largest resort in Central New York, filed for Chapter 11 bankruptcy protection this summer.

A mild winter last year led to the worst ski season the resort had seen in more than five decades, according to Greek Peak President Al Kryger.

That forced owners to take out a loan from a Tennessee-based bank that eventually folded.

But the FDIC stepped in and agreed to cover the loan. Nearly 1,000 seasonal jobs and hundreds of permanent jobs were saved, Kryger said.

"I think the customers will come back and support us," Kryger said. "We've been through ups and downs over the years, and this is maybe a little bigger up and down, but I think we'll come out of it strong, and our customers will still support us."

Owners are confident they'll be able to pay the money back, while maintaining the resort for the nearly 250,000 skiers that hit the slopes each year.

Kryger says he intends to continue as one of the top employers in Cortland County.

"Ski areas are a little bit like farming," he said. "You gotta go plant the crop again. It will come up. And so, ski areas are a little bit like that. If we get the snow on the slopes, the people will come back and we'll have a great year."

Greek Peak will open as soon as the weather permits, and snow can be made, but their official opening day is set for Dec. 24.

To submit a comment on this article, your email address is required. We respect your privacy and your email will not be visible to others nor will it be added to any email lists.