Lehman Brothers Commercial Bank launched foreclosure proceedings against Moonlight Basin in September. But the filing of foreclosure papers came as no bombshell to Moonlight Basin CEO Lee Poole, who still plans to open the resort for skiing and snowboarding this winter.
Poole sent a letter to community members in late July apprising them of the upcoming foreclosure proceedings. The New York investment bank filed foreclosure papers Sept. 10, claiming the resort owes $87 million in principal and interest on a $100 million loan from two years ago. The papers requested that the ski resort be put up for sale and that Lehman Brothers be allowed to bid on the property.
Employees have been notified that a potential change in ownership may happen even though negotiations for solutions continue. "Moonlight is committed to do everything in its power to protect its owners, vendors, and employees during this process," General Manager Greg Pack told us. "We are continuing our efforts to forge a relationship with an equity capital partner."
Employees at the ski resort are forging ahead on preparations for winter. "We are ramping up for opening of the ski area on schedule Dec. 11 for season pass holders and for the public Dec. 12," continued Pack. "We are finishing work on our terrain park expansion and some additional snowshoe trails and look forward to a great ski season this winter."
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