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| (photo credit: Wolf Creek Properties LP) |
Several weeks ago Ski, Esq. published an article about the auction of Wolf Creek Ski Resort in Eden, Utah. The auction took place last Friday, but the bidding was anything but warm.
When a debtor files for Chapter 11 bankruptcy, creditors auction off the assets of the debtor in an attempt to recoup a portion of the monies owed to them. In Wolf Creek's case, creditors had hoped to sell the resort as one large, intact piece. However, media sources are reporting the resort failed to garner even the $10M opening bid creditors sought. A bid of $7M was rejected by creditors. Rob Olson, the sale's auctioneer, stated that the resort's appraised value was between $28 million to $34 million.
Creditors subsequently decided to auction off portions of the resort piecemeal. According to an article published in the Standard-Examiner:
"America First Credit Union had the high bid of $7.1 million for Wolf Creek Ski Resort, on which it holds the lien. No bids were made on Wolf Creek Golf Course....[, but] [t]he Farm Bureau had the top bid of $600,000 for Pineview Lodge and the clubhouse...[and] about 1,400 acres were sold for $500,000 to the Summit Series group."
The fate of the resort remains unclear at this time.
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