Schumer Celebrates Greek Peak's Survival

By Matt Porter

January 11, 2013 Updated Jan 12, 2013 at 1:22 PM EDT

Virgil, NY (WBNG Binghamton) Sen. Charles Schumer (D-NY) visits Greek Peak to promise owners he will do everything he can to ensure the resort's survival.

For the past year, Senator Schumer has been working with the owners of Greek Peak to get the resort off the ropes and back on the slopes.

Last year, a season absent snow coupled with the collapse of their lender in Tennessee forced the half-century-old ski resort to file bankruptcy.

Now, the Federal Deposit Insurance Corporation is in the process of trying to sell the resort. It's looking for a buyer interested in keeping Central New York's largest ski slope in business.

"I will do everything I can to watch the FDIC like a hawk," Schumer said, "And do everything I can in my power to make sure they step up to the plate, and make sure the next several seasons as successful as this one has already been."

The FDIC took over when Greek Peak's original bank, Tennessee Commerce, collapsed last year due to effects from the 2008 real estate crash.

With Schumer's urging, the FDIC invested another $2 million to keep the resort afloat through last year's unusually warm winter.

That's only the second time the bank has invested its own money into a company.

The senator wants the federal bank to either find an owner ready to invest or negotiate a deal with the current ownership led by President and CEO Al Kryger.

"We're calling on the FDIC to continue to work with Al and Greek Peak to navigate the sale process quickly and thoroughly," Schumer said, "To make sure that Greek Peak not only remains open this year, we're confident of that. But for years to come."

Kryger said he is thankful for Schumer's support and believes his company will emerge a better company.

"I think out of this process, we will come out with a stronger company," Kryger said.

Kryger said Greek Peak would have liked to avoid becoming governmen- owned, but said the default was out of its control.

Greek Peak employs nearly 1,000 people in the winter, and a few hundred in the summer.

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