Mountain Creek Resort in Vernon, North Jersey, USA is seeking Chapter 11 protection which if granted, would allow Mountain Creek Management to re-structure it’s debt while remaining open.
The CEO of the company Jeff Hoffman issued a statement that explained the bankruptcy filing was in response to legacy debt Mountain Creek inherited from the property’s former owners. While filing for bankruptcy that is something not to be ignored, it should be noted that Chapter 11 is not necessarily a death sentence for corporations in fact, it’s more often than not a chance to restructure current business practices, and realign goals and best practices to achieve future success.
The Mountain Creek filing will not result in any job losses.
This news comes in a climate of resort consolidation following news, that smaller resorts are being swallowed up by larger resorts and corporations seeking to make huge land buys. Earlier this year Aspen Ski Co mentioned it would purchase Mammoth Resorts and it’s four subsidiary California Resorts right on the heels of the announcement of it’s $1.5 billion purchase of Intrawest Resorts.
Although the winter of 2016 / 2017 gave resorts record snowfall in North America and being one of the best seasons in recent years, the lack of snow in previous winters is still being felt by resort operators struggling to stay afloat.
Some Photos Of The Mountain Creek Resort And Different Leisure Activities Available To Guests From Snowboarding, Mountain Biking & Golf, To Social Events