With winter approaching fast, West Mountain's new operator says finances will be fine. Right now, his biggest concern is wondering when the snow will arrive. YNN's Erin Moran reports.
QUEENSBURY, N.Y. -- For West Mountain Ski Resort, snow-making season is right around the corner and the cold weather just needs to hold out. Even amidst some financial uncertainty, the new operator said the plan is for a full season of skiing.
“We plan on opening. Our goal is to have the bankruptcy resolved by the first of December because then we can immediately start with some of the capital improvements we're anticipating,” said Spencer Montgomery, Management Member of Apex Capital.
Apex Capital, an investment partnership, took over day-to-day operations of the mountain after the owner filed Chapter 11 Bankruptcy earlier this year. Part of that debt includes two separate mortgages, totaling roughly $2 million combined. As part of their bankruptcy plan, Apex tried to take over one of those mortgages.
“We did go and try to purchase the mortgage back in September, made a $350,000 cash bid, and were in negotiations. That was turned down. And then it was put on an online auction site,” said Montgomery.
Thursday's online auction however, left zero bidders even close to the $400,000 loan. A new auction will be scheduled at a later time.
Montgomery said no matter who owns the loan, it won’t affect Apex's bankruptcy plan, the reorganization plan for the ski resort, or its expansion plans.
“Replace chairlifts, redo the snowmaking. From there maybe do some capital improvements in the way of lodges or hotels, and summer business as well,” said Montgomery.
Montgomery said the possibilities for the ski center are endless. 2013-2014 season tickets are on sale now, but if financial issues cause a delay in opening, the tickets are refundable.