Mountain Creek files Chapter 11


Make text smaller Make text larger



Photos



  • PHOTO BY CHRIS WYMAN Visitors are shown enjoying the up and down motion of the Hightide Wavepool at Mountain Creek Water Park last summer. The resort's ownership filed for Chapter 11 bankruptcy protection on Monday.



Editor's Note: This is a breaking news story and it will be updated as it develops

Mountain Creek Resort Inc. filed for Chapter 11 Bankruptcy protection on Monday in New Jersey Bankruptcy Court.

“Today’s filing will allow us to deal with the legacy debt we inherited from the property’s former owners and attract new investment into the resort,” said Jeff Koffman, CEO of Mountain Creek Resort in a news release. “We remain committed to seeing Mountain Creek develop to its full potential with new hotels, new outdoor attractions and expanded residential homes. Our vision to create a world class, four-season resort here in New Jersey is still our main objective and this move will put us in the best position to achieve that.”

Subject to Court approval, the debtor-in-possession financing, along with the company’s cash from operations, is expected to provide ample support to its continuing business operations and minimize disruption throughout the season. Mountain Creek will maintain its staffing levels and continue without any layoffs.

Along with the filing, Mountain Creek filed a number of “first-day” motions with the Court to minimize the disruptions to any business operations and facilitate a smooth transition into chapter 11. Among other things, the motions request authorization to honor employee pay and benefits along with certain customer programs currently in place, such as seasonal pass holders, Triple Play cards and gift cards. Customer deposits for weddings and other events will also be honored.

Mountain Creek Resort, Inc. has retained Lowenstein Sandler as legal advisors, along with Getzler Heinrich LLC as financial advisor and Houlihan Lokey to assist with the valuation and restructuring of its balance sheet.


Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

NAMI, St. clare's plans family support
NAMI Sussex and Saint Clare’s Intensive Family Support Services will co-host a panel presentation to raise awareness about...
Image Benefit concert features Music Together's 'Uncle' Gerry
Sing A Song, Music Together of Sparta and Hampton and Bumble Song Music Together of Vernon and...
Image The Loyalist
In the middle of the night of May 21, 1780, with the American Revolutionary War in its sixth bloody year, there came a loud rapping at the old Sussex County Courthouse door,...
Image Three charged in Franklin drug probe
FRANKLIN — Franklin police have made three arrests following an investigation of narcotics distribution from within the borough of Franklin.
Jonathan Buffington, 19,...

VIDEOS



Sign up to get our newsletter emailed to you every week!

  • Enter your email address in the box below.
  • Select the newsletters you would like to subscribe to.
  • Click the 'SUBSCRIBE' button.



MOST READ

Local News
Dance Expression goes on Thank You tour
  • Sep 19, 2017
Entertainment
Oktoberfest coming to Mountain Creek
  • Sep 18, 2017
Local News
Jefferson Rec plans bowling program
  • Sep 20, 2017
Obituaries
Ralph Limon Rojas
  • Sep 20, 2017
Local News
Mineral Show planned for weekend
  • Sep 20, 2017
Hometown History
The Loyalist
  • Sep 21, 2017
Local News
Class of 2026
  • Sep 18, 2017
Local News
Pet day
  • Sep 18, 2017

MOST COMMENTED



Weather in Lafayette, NJ