Friday, March 13, 2009

Ghost Town files for bankruptcy

Well, the old amusement park made a good effort at survival. But it looks like Maggie Valley's Ghost Town in the Sky has seen better days. It recently filed Chapter 11.

"The Old West-themed amusement park has struggled since reopening in May 2007 after being shuttered for five years," says the Citizen-Times.

"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."

T'is a shame. Ghost Town ranks right up there with Tweetsie Railroad and Mystery Hill (among too many others to mention) as being quintessential Western North Carolina attractions. There may still be hope, according to Lynn Sylvester, one of the park's five managing partners.

“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."

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