What's new

Someone filed C11 bankruptcy-click here to find out who!

F.A.S.T.

Hyper Poster
It's... Ghost Town in the Sky.

MAGGIE VALLEY – Two years after reopening, iconic Ghost Town in the Sky has filed for Chapter 11 bankruptcy protection.

The Old West-themed amusement park has struggled since reopening in May 2007 after being shuttered for five years.

The park has been unable to secure capital financing to pay off outstanding debts, restructure short-term debts, complete the updating of rides and cover costs associated with running and marketing a regional theme park.

“The economic uncertainty, coupled with the banking and credit crisis that has engulfed the nation, has made obtaining a lender very difficult,” said Steve Shiver, Ghost Town's president and chief executive officer. The park filed for bankruptcy protection Tuesday.

Ghost Town employs more than 200 local residents during its season, with an annual payroll in excess of $2 million. Salaried employees have continued to receive pay during the winter months when the park is closed for the season to maintain the grounds and prepare for the upcoming season. The park has spent more than $20 million since it's reopening in 2007, including more than $6 million on their featured thrill ride, the Cliffhanger roller coaster, which has been closed to the public the past two seasons. The ride — then named the Red Devil — was a major draw to the park before it closed in 2002.

The immensity of the project coupled with the 2008 season's rising gas prices and shortages in the area, in addition to economic downturn, are all cited as factors contributing to the park's current financial situation.

Lynn Sylvester, one of Ghost Town's five managing partners, offered a glimmer of hope for the park's reorganization.

“Ghost Town is part of the history of Western North Carolina,” she said. “We are committed to preserving our theme park through this re-organizational process. “Given the mission of the Rural Development program to create and retain jobs, the USDA, which has a 70 percent guarantee on the primary loan facility held by BB&T, has signified a willingness to participate in a restructured debt arrangement,” Sylvester said.

Ghost Town plans to reopen for the season on May 15 and is selling season passes and daily admission tickets.
http://www.citizen-times.com/apps/pbcs. ... 9903120342

Small park, but it's still sad. :cry:
Hopefully they can pull out of this....
 
Top