Monday, May 04, 2009

Ghost Town in dire straits

Maggie Valley amusement park Ghost Town in the Sky wants the town to loan it a couple hundred 'K' -- despite the park's recent bankruptcy filing.

"The money is needed to start the season, which is planned to happen May 22, said Steve Shiver, the park's chief executive.

"Ghost Town Partners LLC is seeking Chapter 11 bankruptcy protection," says the Citizen-Times. "In its federal court filing, the company claimed assets of about $13 million and debts of $12.3 million. ...

"At least one member of Maggie Valley's Board of Aldermen, which will have the final say on making the loan, is against the idea.

"Alderman Colin Edwards said he can't vote for the loan because the park hasn't provided a plan to repay the amount and doesn't have collateral.

"Edwards said he also is concerned that the park might not get Chapter 11 protection and might instead end up in Chapter 7, which would mean the court would liquidate the company to pay its debts. ..."

Click here for the rest of the article.

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