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

Shanghai Circus coming to Morristown
Amazing athletes defy the laws of gravity when the New Shanghai Circus comes to Mayo Performing Arts Center on Saturday, March...
Read more »
Image

Marc Cohn to feature special guests
MORRISTOWN — Singer-songwriter Marc Cohn, best known for his megahit "Walking in Memphis," performs at Mayo Performing Arts Center on Friday, March 16 at 8 p.m.
Read more »
Image

The Chieftains coming to Mayo Center
Six-time Grammy Award winners The Chieftains perform their signature brand of Celtic music Wednesday, March 14, at 7:30 p.m.
Read more »
Image

Sing along with The Muppet Movie
Sing Along with The Muppet Movie comes to MPAC Sunday, March 11 at 2 p.m.
Tickets are $20-$30.
This is a...

Read more »
Image

VIDEOS



* indicates required
Community Newspapers


MOST READ

Local News
Impact 100 reveals grant process
  • Feb 15, 2018
Local News
Center plans Narcan training
  • Feb 15, 2018
Entertainment
The Chieftains coming to Mayo Center
  • Feb 16, 2018
Entertainment
Sing along with The Muppet Movie
  • Feb 16, 2018

MOST COMMENTED



Weather in Lafayette, NJ